The mainland will unveil 'important breakthroughs' in the reform of its banking sector in November aimed at 'greatly accelerating' economic liberalisation, Vice-Premier Zhu Rongji says.
In a keynote speech at a World Bank-IMF seminar yesterday, Mr Zhu also said the mainland's reforms were 'irreversible' and he was confident the country would maintain its present pattern of high economic growth and low inflation.
'Reform and opening up as required by China's own development have won whole-hearted support from the entire population and become irreversible,' said Mr Zhu, who last week was promoted to number three in the Chinese Communist Party Politburo.
He said the economy was expected to grow annually by 8 per cent or more in the years to 2000 and by about 7 per cent annually for the first 10 years thereafter.
The economy was expected to grow 10 per cent this year, after inflation fell to 1.4 per cent in the first eight months of the year.
Mr Zhu, who is almost certain to become the country's premier in March next year, said Beijing was planning a national financial conference in November, focusing on guarding against financial risks and deepening banking reforms.
'Financial reforms are an essential part of China's open policy and economic reforms, and we will greatly accelerate them,' he said.