Beijing has officially announced the Politburo’s proposal for the nation’s 15th five-year plan, including language that signals strategic support for the private sector and an acceleration of China’s transformation into a financial power, easing market concerns about their positions in the economy over the next five years.
It vowed to “fully stimulate” the vitality of all types of business entities and encourage the joint development of various forms of ownership.
On accelerating the building of a strong financial nation, the proposal called for the development of science and technology finance, green finance, inclusive finance, pension finance and digital finance.
China should strengthen and modernise its financial system by enhancing regulations and coordination between central and local regulatory authorities, the proposal said while also calling for the acceleration of Shanghai’s development as an international financial centre.
