China Development Forum: China pushing forward with internalization, market liberalization efforts

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Controlling financial risks, reforming the country's fiscal policies and taxes, top officials from the Chinese government shared their remarks on Sunday -- with top international business leaders attending this year's China Development Forum. Xu Xinchen has more.

A brand new governor, A bigger role in coordinating Chinese financial markets, and as the central bank for the world's second largest economy, the People's Bank of China aims to carry out financial policies that fit the country's structural reforms.

YI GANG, GOVERNOR PEOPLE'S BANK OF CHINA "Our monetary policies have ensured the stability of money liquidity, and helped grow credit lending and social financing at a reasonable level. We are using different measures to ensure liquidation within banks -- while keeping their liquidity needs satisfied, this also helps put leveraging under control."

XU XINCHEN BEIJING China has been keeping close attention on its financial stability. And, it is not the only area for reforms. The country's fiscal policies and tax systems are also undergoing changes.

LIU KUN CHINESE FINANCE MINISTER "This year, we are fully implementing a guidance document on budget performance management, deepening tax policy reforms and improving local tax systems. We will further optimize the structure of the tax system, and enhance the overall design and coordination."

Experts say China's tax reforms have given the country more global competitiveness.

ANGEL GURRIA, SECRETARY-GENERAL OECD "The OECD conducted a review of the in-depth VAT reforms so far and basing on our OECD's VAT and GST guidance, we found they have been instrumental in supporting economic activity, boosting growth and strengthening China's international competitiveness particularly in the services sector."

This year marks the 40th anniversary of China's reform and opening up, as the country continues its internationalization and market liberalization efforts. Xu Xinchen, CGTN, Beijing.