Written by Wu Xiaoling, vice chairwoman of the Financial and Economic Committee of the National People’s Congress, from Caijing Magazine:
Thirty years of economic reform set a course for the enormous achievements now apparent in China’s financial sector. By and large, a macro-regulation mechanism and a financing system are solidly in place, providing a proper environment for market development.
Nevertheless, China’s financial services sector lags far behind the relatively sound system in the United States. Although the United States is currently plagued by an unprecedented financial crisis, it still plays a leading role around the world, with the U.S. dollar holding a dominant position.
China’s economy has been integrated into the world economy; we cannot and should not close our door again. However, decision makers that set policy for the financial sector have been excessively cautious. The lack of a trailblazing spirit has created a bottleneck that restricts the further development of China’s financial services industry and negatively influences efficient resource allocation.
