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Financing Tangible Growth
Cover Stories Series 2012> Financing Tangible Growth
UPDATED: January 17, 2012 NO. 3 JANUARY 19, 2012
National Financial Work Conference History

First Conference (November 1997)

The 1997 Asian financial crisis exposed the vulnerability of China's financial system. In a bid to prevent a similar financial fallout, China initiated reforms to the banking sector. The country also established the China Securities Regulatory Commission and the China Insurance Regulatory Commission to supervise the securities and insurance sectors, respectively. Moreover, the People's Bank of China replaced its provincial branches with nine regional subsidiaries, which helped make its monetary policies more independent.

Second Conference (February 2002)

As part of China's WTO entry commitment, the country pledged to open up its financial sector to foreign investors by the end of 2006. The conference decided to beef up reforms to the banking industry. The country in 2003 set up the Central Huijin Investment Ltd. to direct shareholding reform and share listing of commercial banks, including Industrial and Commercial Bank of China, China Construction Bank and the Bank of China. In the same year, the China Banking Regulatory Commission was established to supervise the banking sector.

At the conference, China also decided to reform the rural credit cooperatives and transform them into rural commercial banks.

Third Conference (January 2007)

At this conference, Chinese policymakers decided to continue deepening reforms to state-owned banks and build a modern banking system. The conference also mapped out plans to restructure the Agricultural Bank of China, transform the China Development Bank into a commercial institution and establish a foreign exchange investment company.

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