70 Years of China's Finance: History, Contributions and Prospects

Over the past 70 years since the founding of the People’s Republic of China, great changes have been seen in the financial industry in terms of its nature, function, scale, structure and other features. It has experienced six stages of development, namely, inception and consolidation, arduous growth, exploration and restructuring, segmentation, fictitious economy orientation, and real economy promotion and risk prevention. The tremendous success and useful experience made during this period have largely bolstered the prosperity and stability of the Chinese economy, improved Chinese people’s living standards, and exerted a profound impact on China’s economy and society. Based on its development pattern, the Chinese financial sector will expect further openingup at home and abroad and a growing capacity in serving the real economy, while new business forms and models will emerge rapidly and stronger preventive measures against financial risks will be needed. In response to the financial development in the new era, proactive and pragmatic measures need to be in place to safeguard the stable and sound development of the financial industry.