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Chinese financial industry to see deepening reforms

China’s financial industry is expected to see deepening reforms in several areas as part of the 13th Five-Year Plan. That’s according to Ma Jun, chief economist of People’s Bank of China.

The central bank will allow the market to determine interest rates and reform the pricing mechanism in the capital market. The central bank will also improve the transmission of monetary policy on interest rates. Inclusive financing, which refers to accessible financial services, will benefit low-income households as well as micro businesses in need of capital with affordable costs. Internet financing and micro-financing serving start-up businesses are highly anticipated. The central bank will strengthen the supervision over this innovative financing channel and give more support to start-ups. Green financing is the last piece in the puzzle of the country’s financial reform. It refers to investments in sectors related to environmental protection. According to the plan, funding from the government will account for 15 percent, while the rest will come from private investors.