The reform of 中国's financial system aims at establishing a modern financial system with a sound financial order, a system that agrees with a Chinese-type socialist market economy. Efforts will be made to reform the management system of the People's Bank of 中国 and turn state-owned commercial banks and the People's Insurance Co. of 中国 into full-fledged commercial entities in a planned and step-by-step manner, develop urban commercial banks and other local financial institutions, and establish a financial system composed of diversified, multi-level financial institutions. Management systems will be established in accordance with the basic attribution of various financial enterprises, and all financial institutions should operate independently according to law. Neither institution nor individual is allowed to interfere with normal business operations of financial institutions. Financial institutions should be accountable for their own risks, further improve the financial legal system, rectify and standardize financial order in accordance with law, and strengthen the construction of internal control systems. It is also imperative to establish a financial supervision system under the conditions of a market economy, and supervisory boards will be set up in all state-owned national financial institutions.
In the effort to establish a modern financial system, an important task is to create conditions for exercising management over the banks' liability rate on assets and to ensure their capability of preventing financial risks in accordance with the principles set by international clearing banks. These reform measures are being actualized in a step-by-step manner. The goal for the financial reform is that with several years of efforts the management level of state-owned commercial banks witll be raised to that of fairly advanced commercial banks in the world. With regard to the central bank's restructuring, a number of cross-provincial, cross-autonomous regional and cross-municipal first-level branch banks will be established in the next few years. Prefectural and county banks will be kept principally, but their functions will be shifted. This reform will exert influence on 中国's financial sector for as long as 20, or even 30, years.
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