We pushed forward with the reform and opening-up of the financial sector and were determined to win the Three Critical Battles. The PBC staff studied the guidelines of the Fifth Plenary Session of the 19th CPC Central Committee and the 2020 Central Economic Work Conference, and deepened financial reforms to facilitate high-level opening-up.
The return to a sustainable long-term budgetary policy has been made possible thanks to credible commitments, based on the opinions of independent institutions. EU constraints and peer pressure have certainly served as an incentive, especially in the form of the multilateral surveillance system laid down by the Maastricht Treaty and then by the Stability and Growth Pact.