RETAIL BANKING | Staff Reporter, China

China tells banks to boost the “real economy”

China’s Premier and Vice Premier want banks to keep veering away from speculators and instead support the real economy.

Premier Wen Jiabao urged banks to improve financial services for the country's real economy, especially those in agriculture and small and medium firms. Vice Premier Li Keqiang chimed in, and urged China’s financial institutions to better support agriculture and small businesses.

Li noted that the real economy and the sustainable growth of the financial sector are interdependent. Financial firms should strengthen their competitive power and ability to resist risks, he said.

Both leaders spoke about the importance of boosting the real economy during celebrations marking the centennial of the Bank of China (BOC), one of the China’s four major state-owned lenders.

Wen said the BOC should further enhance corporate governance and improve management and financial services to make new contributions to China's economic development.

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