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BEIJING, July 15-- China unveiled reform plans Saturday to improve the financial sector's capabilities to serve the real economy while guarding against systemic risks. China must strengthen the leadership of the Communist Party of China over financial work, stick to the basic tone of seeking progress while maintaining stability, and respect the rules of financial development, said President Xi Jinping, at a two-day National Financial Work Conference that ended Saturday. The conference has been convened every five years since 1997 and is widely considered to set the tone for financial reforms. Three tasks are highlighted in the meeting, including making the financial sector better serve the real economy, containing financial risks and deepening financial reforms. Serving the real economy is the bounden duty and purpose of the financial sector and the fundamental way to guard against financial risks, Xi pointed out. The financial sector should improve service efficiency and quality and channel more resources into major and weak areas of economic and social development, he said. Developing direct financing will be prioritized while indirect financing structure should be optimized by accelerating strategic transformation of state-owned major banks and developing small and medium-sized banks and private financial institutions, according to Xi. The reiteration of the role of the financial sector points out the development direction of the financial sector and emphasis on direct financing is also quite reassuring for the stocks and bond markets, according to Li Huiyong, a senior analyst with Shenwan Hongyuan Securities. | 
