(Yicai Global) March 2 -- China will decide its financial regulatory reform after the National People's Congress (NPC) and Chinese People's Political Consultative Conference (CPPCC) and will not simply follow other countries' leads, Yang Weimin, a high-ranking national economic policy official, told Yicai Global today.
"There is no best model for financial regulation, but a model which best suits the country," said Yang, who is a member of the CPPCC National Committee and deputy director of the Office of the Central Leading Group on Financial and Economic Affairs.
China has entered a development stage of high-quality growth after exiting one of rapid growth. Some experts suggested China should weaken its goal of gross domestic product growth. Yang said that China will still develop in accordance with the goals of the Two Doubles set at the 18th CPC National Congress, i.e. China will double GDP and the per capita income of both urban and rural residents from the 2010 level by 2020.
Addressing hidden local government debt, Yang said regional authorities are taking measures to curb substantial incremental increases, while gradually reducing the corpus. The Two Sessions is the general term for the NPC and CPPCC. Since the two meetings basically coincide and both are significant to the country, the public has dubbed them the 'Two Sessions.' This year's first sitting of the NPC and of the 13th National Committee of the CPPCC will convene on March 5 and March 3, respectively in Beijing.