"The Chinese government will continue to actively promote structural change to support low-income people's housing construction and infrastructure investment; work together to prevent and control risks, closely monitor real estate malls and shadow banks, and increase the transparency of local government debt." Yi Gang, deputy governor of the central bank, said at a recent meeting of finance ministers and central bank governors of the Group of Twenty (G20).
Yi Gang emphasizes that China's economy is becoming more stable and sustainable, consumption is rising steadily, and the service sector is developing healthily. The Chinese government will continue to actively promote structural change to support low-income people in housing construction and infrastructure investment; work together to prevent and control risks; monitor real estate malls and shadow banks closely; and add transparency to local government debt. The Chinese government also attaches great importance to environmental protection, focusing on green additions and raising fuel consumption tax three times in the past year when oil prices fell to encourage the use of clean power and improve the use of power.
With regard to financial sector reform, the Yi outline indicates that China actively participates in and implements the work of the Financial Stability Council and the Basel Committee on the formulation and implementation of international financial regulatory changes and normative principles, supporting the completion of the 2015 outline in dealing with "too big to fail", over-the-counter derivatives market changes, shadow banking, cross-border disposal and so on. The point-wide rule-making exercise calls for strengthened cross-border regulatory collaboration to improve the stability and power of the financial system.