March 27, 2013 / 11:40 AM / 5 years ago

China says to further free FX, rates markets this year

BEIJING, March 27 (Reuters) - China’s government said on Wednesday it would unveil new measures to further liberalise interest rate and exchange rate markets this year to stabilise and sustain economic growth.

The remarks contained few details, but reinforce Beijing’s intention to speed up financial liberalisation and support long-term growth.

China will also devise plans to reform its fiscal system and deepen its capital markets, the State Council -- China’s cabinet -- said after a meeting chaired by Premier Li Keqiang.

“We are facing more uncertainties and unstable factors in domestic and external environments,” the cabinet said in a statement on its website.

China would continue to control its property market to slow gains in record prices while developing a long-term model for the market that encourages stable and healthy growth, the cabinet said.

It also said the government would relax restrictions on private investment, but did not name the relevant sectors.

Faced with what many analysts say is a chronic slowdown in its maturing economy, many top leaders have promised in recent months to confront difficulties and bring about politically difficult economic changes.

Reforms high on the government’s agenda include freeing the capital account, which remains tightly controlled and allowing easier access to the tightly managed yuan. (Reporting By Xiaoyi Shao and Koh Gui Qing; Editing by Ron Popeski)

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