Liu He chairs State Council financial stability and development committee meeting, stressing continuing reforms to develop socialist market economy, pursuing high-standard opening-up

Aerial photo taken on Sept. 11, 2020 shows the city view of Shenzhen, in south China's Guangdong Province. (Xinhua/Mao Siqian)

BEIJING, July 7 (Xinhua) -- A meeting of the financial stability and development committee under the State Council Tuesday emphasized continuing reforms to develop socialist market economy and pursuing high-standard opening-up in China's financial sector.

The 53rd meeting of the committee thoroughly studied and implemented the important speech delivered by Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, at the ceremony marking the centenary of the CPC on July 1.

The meeting, presided over by Vice Premier Liu He, who is also a member of the Political Bureau of the CPC Central Committee and head of the financial stability and development committee, also deliberated on major issues in the financial sector and made arrangements to deepen reform of policy-based financial institutions.

It pointed out that Xi's speech charted the way forward and provided fundamental guidelines for moving toward the second centenary goal.

The meeting stressed putting people's interests first, adhering to the new development vision, and pursuing high-quality development in the country's financial sector.

Photo taken on Jan. 14, 2021 shows a night view of Lujiazui in Pudong of east China's Shanghai Municipality. (Xinhua/Fang Zhe)

It also underscored intensifying research and strengthening policy reserves on major tasks including establishing a modern central banking system, improving the financial regulatory system, deepening the reform of financial institutions, optimizing the structure of financial organizations, strengthening the development of financial infrastructure, improving the mechanism for preventing, controlling and handling financial risks, developing inclusive finance, green finance and digital finance, building a capital market with Chinese characteristics, and promoting a virtuous cycle in finance, science and technology, and industry.

Progress has been made in the reform of policy-based financial institutions, and further efforts are needed to continue advancing such reform, the meeting said.

The meeting underlined the importance of pushing forward the reform of existing businesses step by step, improving transparency in an orderly manner, strengthening risk management, and improving incentive mechanism.

Efforts should also be made to give full play to the important role of policy-based financial institutions in serving the real economy and the national strategy, the meeting said.