This article is the first part of an excerpted translation from Chinese of a speech by Zhou Xiaochuan, Governor of the People's Bank of China, China's central bank, published in China Daily on December 11, 2013.
In a move to push for improving China's modern market system, the Third Plenary Session of the 18th Central Committee of the Communist Party of China has drawn up a road map for comprehensive and deepened reforms.
As the core of a modern economy, the financial sector is at the heart of China's socialist market system. To do a better job in the financial sector in the future, the country should firmly hold on to the essential principle that the financial sector should serve the real economy, adhere to the reform direction that the market dominates the distribution of financial resources, and stick to a development concept that prioritizes coordination between innovation and oversight.
In line with the plenum's mapped program, we need to comprehensively push for reforms, opening-up and development, and accelerate the establishment of a safe, sound and modern financial market system with a broader range of services, a reasonable structure and greater efficiency.