China to deepen reform of financial systems

BEIJING - China will deepen the reform of its financial systems by improving services for small and micro businesses, and making Renminbi convertible under capital accounts, according to a report distributed to the media Monday morning.

The country will ensure orderly development of small financial institutions, and improve the systems and mechanisms that serve small and micro businesses as well as agriculture, rural areas and farmers, says the report to be delivered by Premier Wen Jiabao at the opening meeting of the Fifth Session of the National People's Congress (NPC), China's parliament.

"We will work steadily to make the RMB convertible under capital accounts and expand the use of RMB in cross-border trade and investment," the report says.

The government will also improve both initial public offerings and delistings, and ensure better protection of returns on investors' money and their rights and interests, according to the report.

In the meantime, the report vows to break up monopolies and relax restrictions on market access, encourage nongovernmental investment in infrastructure, finance, education, and medical care, and create a fair environment in which economic entities under all forms of ownership can compete and develop together.