Establishment and Improvement of the Central Banking System

After the dismantling of the “Gang of Four,” accompanied by the rectification of the economic sector, the financial domain also began to adjust and streamline. The Third Plenary Session of the 11th Central Committee of the Communist Party of China made the decision to shift the focus of work to the economic sector, initiating financial system reforms around the idea of “truly turning banks into banks.” The People’s Bank of China (PBOC) gradually transformed from its dual functions before the era of reform and opening up, strengthening its role as the central bank.