Road map for financial reform

3. To perfect the bonds yield curve that can reflect market supply and demand.

The yield curve of government bonds, as the main fixed-income market return ratio, is a reflection of risk-free benchmark yields distributed within all kinds of time limits. Currently, some improvements are yet to be made to China's government bonds yield curve in terms of its accuracy, authority and completeness. As China's macro financial regulations change from quantity-dominated to prices-dominated and with the continuous advancement of its marketized interest rate reforms, the country needs to improve its government bonds yield curve and give the curve a bigger role in the distribution of its financial resources. In view of this, measures will be taken to improve the mechanism of government bonds issuance and optimize its maturity structure. At the same time, measures will be taken to further enrich the investor type, steadily raise the opening-up of the country's government bonds to home and abroad and increase the demand for transactions.

Accelerating steps to realize the convertibility of RMB capital account

To push for RMB capital account convertibility is an essential requirement for building an open and new economic system. Its fundamental aims are to make trade and investment more convenient and create conditions for the expansion of outbound corporate and individual investment. It also remains a requirement for further developing various kinds of cross-border financial business, implementing the idea that the financial sector should support the real economy, promote the implementation of the country's "go global" strategy and accelerate its economic structural adjustments and industrial transformation and upgrading. The country should seize the favorable window emerging for promoting RMB capital account convertibility and speed up the target's realization on the basis of the overall domestic demands and international situations facing the country.

1. To change the management manner of cross-border capital flows to facilitate the implementation of the "go global" strategy.

Measures will be taken to push for the further transformation of the country's foreign exchange management manner to make outbound investment more convenient. Current administrative examinations and approvals in the foreign exchange management will be reduced to promote a shift from focusing on rigid administrative examinations and approvals to focusing on monitoring and analysis, from focusing on micro control to focusing on a prudent macro management, from focusing on positive lists to focusing on negative lists. Measures will also be taken to make it more convenient for enterprises to implement their "go overseas" strategy and gradually make it easier for domestic enterprises to offer to overseas ones RMB and foreign currencies credit and financing guarantees.