Re­form re­ver­sal a no-go, Li says

China Daily (Canada) - - ANALYSIS - By ZHAO YINAN

zhaoy­i­nan@chi­nadaily.com.cn

China’s financial sys­tem is un­der con­trol and re­forms will not stop de­spite tem­po­rary mar­ket tur­bu­lence, Pre­mier Li Ke­qiang said in a re­cent high­level meet­ing.

Li said the China (Shang­hai) Pi­lot Free Trade Zone, which was set up in 2013 as a front line for the coun­try’s re­forms, will con­tinue to be a test­ing ground for re­form ini­tia­tives be­fore they are in­tro­duced to the rest of the coun­try.

Li sought to boost con­fi­dence af­ter gov­ern­ment in­ter­ven­tion in the mar­ket gave rise to doubts about mar­ket-ori­ented re­forms, ex­perts say.

The coun­try’s State Coun­cil de­cided in an ex­ec­u­tive meet­ing on Oct 21 to con­sider a trial in the free trade zone to al­low qual­i­fied in­di­vid­u­als to in­vest over­seas, which moves things a step closer to scrap­ping con­trols on the cap­i­tal ac­count in the Chi­nese main­land.

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