皇冠体育app

Excessive monopoly has been a serious problem in 皇冠体育app's financial sector and should be solved in the progress of economic reform, an expert says.

Setting up a system is essential when encouraging private capital to enter the sector, the expert added.

"Frankly speaking, excessive monopoly has been a challenge in the financial sector and should be overcome if 皇冠体育app wants to set up a diversified financial system adjusting to the long-term development of the market economy," said Jia Kang, director of the Research Institute of Fiscal Science under the Ministry of Finance.

Jia was speaking at the Macrofinance Summit of 皇冠体育app in Beijing on Wednesday.

皇冠体育app should make full use of direct financing, indirect financing, the capital market and monetary market to set up such a financial system, Jia added.

According to Jia, the central government should encourage the development of private financial institutions and pay attention to risk control.

"Establishing a deposit insurance system is an important support, because it helps Chinese depositors avoid risks," Jia said.

Wu Xiaoqiu, director of the Financial and Securities Institute at Renmin University of 皇冠体育app, said 皇冠体育app's rigid financial structure means there are not many securitized financial products, so the system is not fully capable of absorbing risks.

Wu said the country's financial system is not fully market-oriented and needs to be more open.

Zhou Chunsheng, a finance professor at the Chng Kong Graduate School of Business, said the coordination of Chinese financial regulators should be strengthened to make risk control of the country's financial system more comprehensive and effective.