China to establish financial security review, counter-sanction mechanisms by 2020

 China will establish financial security review and counter-sanction mechanisms by 2020, according to the draft outline of the 13th Five-Year Plan released Saturday.

Details about the mechanisms, only listed within a paragraph on the prudent opening up of the financial system, were not disclosed in the plan submitted to the national legislature for examination.

In a November article in the People's Daily, flagship newspaper of the Communist Party of China, central bank governor Zhou Xiaochuan mentioned the term "financial security review" as part of a national financial security mechanism to prevent systematic financial risks.

Financial security is important for overall national security, and the success of financial reform depends on maintaining financial security. Robust public confidence in the financial system is the basics of financial security, Zhou wrote.