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11. Goal of financial system reform fixed in 1993
(People's Daily Online)
Updated: 2008-10-30 18:32

On December 25, 1993, the State Council issued the Decisions on the Reform of the Financial System.

The goals of the reform of financial system are: establishing the central bank macro-control system that can implement monetary policy independently under the leadership of the State Council; establishing the financial system which separates policy-oriented finance from commercial finance and takes state-owned commercial banks as the main body and a variety of financial institutions in coexistence; establishing a unified and open financial market system with orderly competition and strict management.

11. Goal of financial system reform fixed in 1993

Through the reform of the financial system, China has set up macro-control system which secures the People's Bank of China as the central bank and implements monetary policy independently; China also set up financial institution system which differentiates the policy banks from commercial banks;?in 1994 China introduced the merged exchange rate.