Xi stresses role of finance in serving real economy

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, underscored that China should deepen supply-side structural reform in the financial sector and strengthen the sector's ability to serve the real economy.

Xi made the remarks when presiding over a group study session of the CPC Central Committee Political Bureau Friday afternoon.

The country should keep a fine balance between maintaining growth and forestalling risks and deal with risks in key areas in a targeted and effective manner, he said, adding that China should deepen opening-up of the financial sector.

Xie Duo, Party secretary and chairman of Silk Road Fund Co., Ltd, briefed on the issue and made suggestions.

Xi pointed out that finance is a core competitiveness of a country, financial security is an important part of national security and the financial system is a major fundamental system in the process of economic and social development.

While historic achievements have been accomplished in the financial sector since reform and opening-up, the market structure, operation philosophy, innovation capability and the level of service of the sector have yet to meet the requirements for the country's high-quality economic development, Xi said.

The country should push for high-quality development of the sector with a focus on improving financial services and forestalling financial risks, he added.