PBOC official says reforms are a long process

The reform and opening up of the country's financial industry will be a long, tough process but moving too quickly will only bring risks to the economy, a senior official of the People's Bank of China said in a speech.

Xiang Junbo, the central bank's vice governor, said China has honored its WTO promises but international experience showed "over fast" liberalization can lead to turbulence.

Xiang's speech, which was posted on the central bank's website, also said China's efforts to rebalance it