Page 19 - Recommendations of the Central Committee of the Communist Party of China for Formulating the 15th Five-Year Plan for National Economic and Social Development

efforts to develop technology finance, green finance, inclusive finance,
pension finance, and digital finance. We should make the capital market more

institutionally inclusive and adaptable and better balance its investment and
financing functions. We should actively develop direct financing such as
equity and bonds and promote steady development of futures, derivatives,

and asset securitization.
We should improve the system of financial institutions and encourage
institutions of all types to focus on their core business, improve their

governance, and pursue distinctive development paths. Secure and efficient
financial infrastructure should be put in place, and the digital Renminbi (RMB)
should be steadily developed. We should move faster to build Shanghai into

an international financial center. We should tighten up financial regulation
across the board, with the central and local governments working in closer
collaboration. We should draw on a full range of resources and means to

address risks and develop the system for preventing and defusing risks, so as
to ensure stable operations in the financial sector.

VII. Promoting High-Standard Opening Up and Creating New Horizons for
Mutually Beneficial Cooperation

Opening up and cooperation for mutual benefit are integral to Chinese
modernization. We must continue to expand opening up at the institutional
level, safeguard the multilateral trading system, and promote broader
international economic flows. We should draw momentum from opening up

to propel reform and development, and share opportunities with the rest of
the world and promote common development.
21. Opening China wider to the outside world

We should promote alignment with high-standard international economic
and trade rules, expand market access and open up more areas, in particular
in the service sector, and unilaterally open up more sectors to more regions.

We should work faster to facilitate regional and bilateral trade and
investment agreements, and expand our network of high-standard free trade
areas.

We should optimize the regional planning for opening up and cultivate a
diverse array of pacesetters in this regard. We should implement the strategy
of upgrading pilot free trade zones and develop the Hainan Free Trade Port to

high standards. Well-coordinated moves should be made to build major

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