China to modernize financial market system

BEIJING - China will modernize its financial market system in the next five years, said a senior official of the central bank.

Pan Gongsheng, deputy head of the People's Bank of China, said at a forum on Saturday that more financial business will be carried out to make the market more elastic.

Internet financing, venture investment funds, industrial investment funds, private equity investment funds and asset management will be guided for healthy development.

Pan stressed that the country will continue to boost the liberalization of the exchange and interest rates and optimize resource distribution.

A multi-layer capital market will be established, both for over-the-counter transactions and stock exchanges, to explore more financing channels and enhance direct financing, he said.

Foreign exchange, bills, gold and insurance markets will be coordinated to satisfy different investment needs.

Meanwhile, management of financial markets will become more prudent to lower risks, Pan added.