Beijing To 'deepen Financial System Reforms'

The spokesman for China's top advisory body says Beijing will deepen the reform of its financial system and guide financial institutions to better serve small firms, and innovation and development.

Guo Weimin made the comment in a media briefing of the Chinese People's Political Consultative Conference (CPPCC) on Friday, a day before its annual session opens.

He expressed hope that the nation will be able to ride out the lingering effects of the Covid pandemic despite ongoing headwinds.

“So there are a lot of factors bearing on our economy. Our economy withstood the pressure and scaled new heights. This did not come easily,” he said.

“Now China still faces a complex and challenging environment, in pursuing development with continued international political and economic disturbances, ongoing spillover effects from the changes of the policies by some major economies.”

Guo also pledged more support for small and medium-sized enterprises who are struggling to stay afloat.

Meanwhile, CPPCC vice-chairman and Hong Kong and Macau Affairs Office director Xia Baolong reportedly told Hong Kong delegates to the top advisory body to make contributions to China’s continued modernisation, and to support ‘One Country, Two Systems.’

It’s understood Xia met with CPPCC delegates from Hong Kong and Macau in Beijing on Friday morning.

Also on Friday, the Xinhua News Agency reported that leading political theorist Wang Huning presided over a preparatory meeting for the CPPCC annual session.

The politburo standing committee member is expected to succeed Wang Yang as the CPPCC chairman.

Eleven executive chairpersons were also picked in the presidium meeting.

A total of 323 people have been elected to the top advisory body’s presidium, including local CPPCC delegates Pansy Ho, Martin Liao, Henry Tang and CY Leung.

Tycoon Victor Li, who’s currently a member of the CPPCC’s Standing Committee, is expected to step down.

The CPPCC’s annual plenary session concludes on March 11.

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