Xi Jinping approved new regulations for management rules, financial court

Vastavam web: Chinese President Xi Jinping and other top officials have approved new regulations for the country’s asset management sector, the establishment of a financial court in Shanghai and plans to deepen reform.The state news agency Xinhua reported the decisions from the first meeting on Wednesday of the Central Committee for Deepening Overall Reform, a body over which Xi presides and which is charged with driving China’s economic and political reforms.

“The reform will further touch upon profound adjustment of interest patterns and changes of the system of institutions.”Market reforms begun 40 years ago have underpinned China’s rise to become the world’s second biggest economy, but critics say difficult changes in areas ranging from finance to governance are necessary to keep development on track.In addition to approving new regulations for the country’s asset management sector, details of which were not made public, and a proposal to set up a financial court in Shanghai, the meeting approved plans for deepening reform and opening-up in pilot free trade zones in Guangdong, Tianjin and Fujian, it said.

Moreover, it passed guidelines on strengthening regulation over the investment of non-financial entities in financial institutions.