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Minister Talk: Central bank's governor on PBOC & financial reform

2009-10-10 12:39 BJT

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During the past thirty years, China's average growth rate maintained at 9 percent, becoming a major player on the world economy. Zhou Xiaochuan, the governor of the People's Bank of China, has been devoted to the economic reforms, including financial institution reform, exchange rate reform and active fiscal policy. In today's special series, "Minister Talk," Zhou xiaochuan explains the big events in his career.

Fiscal industry played an important role since the founding of People's Republic of China. China gradually set up a modern financial system in line with a socialist market economy. Zhou Xiaochuan says since China's economy is stronger, its finance policies and activities are receiving more attention than ever before.

Zhou xiaochuan said, "In recent years, some events are attracting the eyes of international society. One is financial institution reforms, especially the one on state owned banks. Other financial institutions such as insurance companies, securities firms, rural credit cooperatives as well as medium banks and city banks also experienced the reforms. The second hot issue is China's exchange rate reform. The third important event is active financial policy and easy monetary policy China has taken to offset adverse global financial crisis. China announced a-4-trillion-stimulus package to boost domestic demand."

In 1989, China's gross financial asset was 1.6 trillion yuan. In September 2008, the gross financial asset reached 86.5 trillion yuan, increasing 53 times in just 20 years. China's fiscal product and service experienced many changes.