Gov’t releases 5-year plan for financial reform  

金融"十二五"规划出台 改革面临"最关键时间窗口"

中国金融发展和改革“十二五”规划17日正式公布，规划明确，将全面推动中国金融改革、开放和发展，以此增强中国金融业综合实力、国际竞争力和抗风险能力。

Beijing (CNS) -- A five-year plan that includes the marketization of interest rates, the liberalization of exchange rates and the internationalization of China's currency, the renminbi, was released Monday.

The banking industry faces more serious challenges than it did 10 years ago when China joined the World Trade Organization, so now is the right time to carry out financial reforms, Zhang Yansheng, secretary-general of the Academic Committee of the National Development and Reform Commission, said during an interview.

Adjusting the financial structure would improve the competitive advantage of the country's finance industry, said He Liping, dean of the Financial Department at Beijing Normal University.

Controlling financial risk and providing a direction for the real economy will be crucial during the reforms, Zhang added.