China to roll out more regional financial reform scheme

BEIJING - China will select more regions to pilot financial reforms in the near future in hopes of creating a healthy regional financial environment for the real economy, said a central bank economist on Friday.

Piloted reforms will focus on financing for science and technology, green industries and inclusive finance, said Lu Lei, head of the Research Bureau of the People's Bank of China (PBOC) during a press conference.

Regional financial reforms will develop the real economy, promote regional industry upgrades and financial innovation, and accelerate regional economic restructuring, said Lu.

China's cabinet, the State Council, decided on Wednesday to allow several regions in Zhejiang and Jilin provinces to pilot approaches aimed at easing financing difficulties for small businesses and improving rural financing.

Free trade zones in Guangdong, Tianjin and Fujian will be given the greenlight to experiment with cross-border yuan use, capital account convertibility and cross-border financing.