Reform commission chops US$120.5 bln via industry audits
The National Development and Reform Commission has cut a total amount of 800 billion yuan (US$120.48 billion) via cost audits in more than 20 industries during the past four years, said Meng Wei, the spokesman of the commission, Yicai.com reported.
Consumption boom will make China the largest importer by 2020
China will surpass the United States and become the largest importer in the world by 2020, said Liang Hong, the chief economist at China International Capital, one of the nation’s leading investment banking firms, Caixin reported.
Science and technology forcing banks to change: Zhu Min
If traditional banks do not change, they will eventually become “the fish of Picasso,” — the skeleton may still exist, but it has no value — said Zhu Min, former vice president of the IMF and dean of the National Institute of Finance at Tsinghua University, in a Caixin report.
China urged to deepen reform and speed up its opening
To achieve the transition from “rapid growth” to “high-quality development,” China must continue to deepen reform in all aspects of its economy and speed up the opening of its capital market, China Securities Journal reported, citing Fang Xinghai, Vice President of China Securities Regulatory Commission, in a securities and futures regulatory roundtable.