Stock markets developed gradually in the process of reform and its direct financing function was basically realized. Foreign exchange market was further improved and deepened. Gold market started to develop and was gradually turned into an investment platform. Financial market developed rapidly in the process of innovation and financing structure further improved, creating a stable market environment for financial institutions sustainable and healthy development.
3. Financial risks accumulated in history were broadly resolved. Under the steering of the State Council, the PBC, the MOF, the financial supervisory bodies and local governments collaborated closely to advance risk disposal, restructuring and reform of the financial institutions, resolved effectively financial institutions' risks, protected investors' interests and raised public confidence in financial institutions. 4.