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Chinese President Xi Jinping addresses the National Financial Work Conference which is held from July 14 to 15, in Beijing, capital of China. (Xinhua/Li Tao)

BEIJING, July 15 (Xinhua) -- Chinese President Xi Jinping urged the financial sector to better serve the real economy at a two-day National Financial Work Conference that ended Saturday.

Serving the real economy is the bounden duty and purpose of the financial sector and the fundamental way to guard against financial risks, Xi said.

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.

Inclusive financing mechanism will be developed to improve support to small and-medium-sized enterprises and rural and remote places. Green financing is encouraged.

Xi also urged financial institutions to reduce operation costs and regulate intermediary services to avoid lifting real economy's financing costs.

The conference has been convened every five years since 1997 and is widely considered to set the tone for financial reforms.

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President Xi urges stronger financial regulation to contain risks

BEIJING, July 15 (Xinhua) -- Chinese President Xi Jinping called for stronger financial regulation to contain risks at a two-day National Financial Work Conference that ended Saturday.

Guarding against systemic financial risks is the eternal theme of financial work and the government should take stronger initiative to monitor, warn against and deal with risks in a timely manner, Xi said.聽 Full story