To curb market turmoil, the PBOC has injected more funds into the stock market, and also lowered interest rates and the cash that needs to be held as reserves by financial institutions.
Wang Hongzhang, chairman of China Construction Bank Corp, said that the "market-saving measures" have been effective so far.
"The measures seek to protect investor interests, which is the right decision. They have also helped consolidate market confidence and increased optimism of a global economic recovery."
As part of the reforms, financial regulation needs to be improved further to avoid market volatility, said economists. The whole economic transition process, which the government plans to complete by 2020, may take even longer to complete, but will eventually pave the way for a high-quality growth pattern that is more sustainable in the long run.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
