Road map for financial reform

3. A modern financial corporate system.

Measures will be taken to further improve the governance capability of State-owned financial institutions, relax limitations on the entry of private and foreign capital to the financial sector and optimize its equity structure. A more market-oriented hiring mechanism will be adopted to reduce administrative appointments. A benign incentive mechanism for management will be set up to ensure that realizing shareholders' interests is the main goal of senior management. Measures will also be taken to improve the corporate governance of domestic financial institutions, to form an effective decision-making, enforcement and balancing mechanism that can implement corporate governance measures in their daily operations, management and risk control. Meanwhile, standardized and effective incentive and restraint mechanisms, including a salary system, will be established.

4. To develop a financial system beneficial to all.

A financial sector that prioritizes improvements in people's livelihoods should be set up to meet their ever-growing financial needs. The fruits of financial reforms and development will be extended to all regions, poor ones in particular, and to all groups, to promote the sector's sustainable development. The limitations on market access will be moderately relaxed to support the development of small-sized financial institutions. Policy guidance will be strengthened to encourage domestic financial institutions to extend support to the weaker sectors necessary for national economic and social development. Vigorous efforts will be made to develop multiple financing methods, standardize the development of the private lending and borrowing business and expand diversified financing channels for small- and micro-sized enterprises. Innovative financial products and tools will be encouraged to continuously expand the coverage of financial services. Measures will also be taken to strengthen the construction of financial infrastructure and improve the modernization level of financial services. At the same time, the building of a credit system will be pushed forward to further optimize the environment for the provision of financial services to small-and micro-sized enterprises, strengthened protection of consumers' rights and the raising of their financial awareness.