China to establish deposit insurance system
                 English.news.cn | 2014-03-05 11:22:32 | Editor: Lu Hui

BEIJING, March 5 (Xinhua) -- China is to establish a deposit insurance system, a key move in carrying out financial reform, according to a government work report delivered by Premier Li Keqiang to the annual parliamentary session on Wednesday.

"We will establish a deposit insurance system and improve the risk disposal mechanism of financial institutions," said Li, at the opening of the annual session of the National People's Congress, the country's top legislature.

The deposit insurance system is considered a precondition for freeing deposit rates, the last and most important step of interest rate liberalization.

China has taken incremental steps toward interest rate liberalization, including a central bank decision in July to scrap the floor limit for bank lending rates, and a guideline in December for piloting negotiable deposit certificates on the interbank market.

Wednesday's move came along with a slew of other measures for deepening financial reform, including granting financial institutions more power to set their interest rates, and promoting the establishment of small and medium-sized banks and other financial institutions by private capital.

The report said the country will keep the renminbi exchange rate basically stable at an appropriate, balanced level, expand its floating range, and move toward renminbi convertibility under capital accounts.

The government also pledged to advance the reform to introduce a system for stock issuance registration and promote the healthy development of Internet finance.

分享
China Focus: Shanghai FTZ lifts foreign-currency deposit rates cap
China pushes forward interest rate reform
China trials new interest rate reform
China to launch new vehicle towards freeing interest rates
China Exclusive: Default risks will not cause financial turbulence: experts
Xi meets with Macao chief executive before opening meeting of 2nd session of 12th NPC
Xi meets with Macao chief executive before opening meeting of 2nd session of 12th NPC
Xi meets with HK chief executive before opening meeting of 2nd session of 12th NPC
Xi meets with HK chief executive before opening meeting of 2nd session of 12th NPC
Chinese Premier Li Keqiang delivers gov't work report
Chinese Premier Li Keqiang delivers gov't work report
Participants of 2nd session of 12th NPC pay silent tribute to victims of Kunming terrorist attack
Participants of 2nd session of 12th NPC pay silent tribute to victims of Kunming terrorist attack
Feminist organization prays to welcome new Hebrew month in Jerusalem
Feminist organization prays to welcome new Hebrew month in Jerusalem
Myanmar president meets Sri Lankan counterpart, Nepali PM
Myanmar president meets Sri Lankan counterpart, Nepali PM
Ex-Israeli PM's aide to testify in corruption trial
Ex-Israeli PM's aide to testify in corruption trial
Israeli Army operates military drill
Israeli Army operates military drill
Back to Top Close
010020070750000000000000011102351331624511