Zhou did not get what he wanted, but has not left empty-handed

Zhou Xioachuan
People’s Bank of China governor Zhou Xioachuan

Beijing’s latest two-day closed-door meeting on finance and regulation was concluded on July 15, 2017. Dubbed the National Financial Work Conference, government chiefs from all relevant agencies have gathered every five years since 1997, and it is seen as a key event to set the tone for financial reforms.

The fact that the conference is held every five years indicates its strategic nature. And the signal from the conference is clear. There will be a strategic shift with regard to the central

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