Reform reversal a no-go, Li says
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.