China will improve RMB exchange rate regime, and gradually make the RMB convertible under the capital accounts, President Hu Jintao said Monday.

China will make its banking, securities and insurance industries more competitive, he said at a report delivered at the 17th National Congress of the Communist Party of China in Beijing.

China will proceed with financial reform to develop various tiers of financial markets and build a modern financial system that is inclusive of different forms of ownership and different ways of operation, according to Hu.

The president then proposed to improve the structure of capital market and raise the proportion of direct financing through multiple channels.

Hu suggested strengthening financial supervision and controlling, and forestalling and diffusing financial risks.