Chinese central bank to seek stronger banking sector regulation. From BBC Monitoring Service - United Kingdom.
Jan 28, 2003
Zhou Xiaochuan, governor of the People's Bank of China, called for efforts in four fileds:
1- the leverage of interest rates and exchange rates and steadily push forward reform of the interest-rate management system
2- vigorously develop the currency market and optimize the allocation of financial resources
3- continue to give play to the guiding role of the credit policy, strengthen credit supervision, optimize the credit structure, and promote economic restructuring
4- and ensure commercial banks strengthen real-estate credit management and guard against long-term credit risks.
Zhou Xiaochuan pointed out that "continuing to strengthen regulation is the top priority of financial work and earnest efforts will be made to strengthen supervision of financial organizations of all kinds”.
China is deepening its financial reform and is facing an arduous task in trying to break through the system bottleneck.s The obstacles hindering a breakthrough are internal - adjustment of departmental interests - as well as external - revamping and cleaning up of the banking sector.
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