BEIJING –The International Monetary Fund (IMF) said on Tuesday that China's financial system is stable and sound.

China has made remarkable progress in the reform financial sector, according to the research report of the Financial Sector Assessment Program (FSAP) released on the IMF website.

The FSAP program is the joint responsibility of the IMF and World Bank in developing and emerging market countries, which was established in 1999. It is a comprehensive and in-depth analysis of a country's financial sector. To date, more than three-quarters of the member countries have undergone assessments.

The appraisal work of FSAP in China started in August 2009. It was the first comprehensive financial system stability assessment conducted by the IMF and World Bank in the country.