Financial Sector Has Potential to Better Serve China’s Real Economy, Lawmakers Say

What’s new: There is still “a lot of room” for China’s financial sector to sacrifice profits for the sake of the real economy, a legislature statement released Wednesday cited unnamed lawmakers as saying.

The sector contributed 9.68 trillion yuan ($1.44 trillion), or almost 8%, to China’s GDP last year, according to National Bureau of Statistics data.

This percentage is above the average of 4.8% and 3.8% among countries of the Organization for Economic Co-operation and Development and of the European Union, respectively, the lawmakers said.