An article on " Bring Financial Engine into Play to Propel China's Economy" by H.E. Ambassador HU Shan was published in The Tribune on Friday July 19, 2013, the full text reads as follows:
At present, there are still a lot uncertainties in international economy. The Chinese economy, too, is facing some real problem such economic downward pressure and financial sector risks etc. It has become Chinese government’s most import agenda on how to further promote China’s economic development.
On June, 19, 2013. Chinese Premier Li Keqiang chaired a meeting of the Standing Committee of the State Council, mainly studying and deciding policies and measures designed to increase the financial sector's support to the country's economic restructuring, further emphasizing the close relation between finance and real economy, bringing the promoting role of financial engine to its full play in China economic transformation and upgrade.
At the meeting, it was pointed out that finance plays an important role in achieving steady growth, economic restructuring, promote transformation, improve the people's well-being. Under the current economic circumstances, we
While maintaining the stability and continuity of China's macro-economic policy, efforts should be made to promote reform in a step-by-step, orderly and non-stop manner, optimize allocation of financial resources, with a good increment and revitalize the stock to better support economic transformation and upgrade, better serve real economy development, more pointedly promote expansion of domestic demand, solidly prevent financial risks.
The Meeting and defines eight measures after research and discussion:
1. Direct credit funds to support real economy.
2. Credit support will lean toward the agricultural sector and small and micro-sized enterprises.
3. The country will support Chinese enterprises' "going abroad."
4. help upgrade consumption structure.
5. the nation will speed up the development of a multi-faceted capital market
6. Bring the role of insurance to play.
7. Efforts will be made to invite private capital to participate in restructuring financial industries.
8. Tightly guard against risks.
Financial sector has demonstrated a distinct achievement in facilitating real economy development, promoting reform and transformation, maintaining financial stability etc since early this year. And all-system financing aggregate posted 9.11 trillion yuan in the first five months of 2013, up 3.12 trillion yuan from the same period of last year. While the all-system financing aggregate increasing rapidly, it must further play its role in promote development of real economy.
The eight measures of “finance supports economic restructuring, transformation and upgrade” proposed at the State Council meeting are the powerful measures in an effort to resolve the difficult problems, by precise targeting at the problems, and propel the Chinese economy to further development.