PBoC, regulators issue Five-Year Plan to develop standards for the financial system

Chinese policymakers have for years talked about building a modern economy, and improving the financial system is a core part of that long-term project. China’s financial system is certainly large – the country has some of the world’s largest banks, and one of the biggest bond markets and stock markets – but it’s far from efficient or modern, and officials often speak of the need to move from a “large” financial system to a “strong” and “modern” one…