Reforming financial market

Authorities will push for greater access for private and foreign capital while keeping proper capital account regulations

The history of the global economy shows that emerging countries need sound and comprehensive financial markets if they are to escape the "middle income trap" and realize their economic transformation from a factors-driven to an efficiency-driven growth model.

As an emerging nation with a per capita GDP that exceeds $5,000, China has been working to build such a financial market over the past two decades and has made remarkable progress in this endeavor.