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By Zhang Liping & Zhao Yunji, Research Team of "Studies on Strategies of China's Financial Reform" of DRC

Since 1980s, South Korea's financial reform has undergone three major institutional changes and adjustments. Reform in 1980s was featured by the privatization of commercial banks, removal of access restrictions on non-bank financial institutions and deregulation of interest rate while the reform in 1990s was characterized by liberalization of interest rate, relieving threshold for financial institutions' market access and deregulation of foreign capital inflow. The comprehensive reform since 1997 encompassed growth of financial department, expansion of FDI, the evolving of financial derivatives and the upgraded opening-up in financial field. Thanks to its reform in financial system, South Korea has become one of the most open systems in the world. China could draw relevant experience from the financial reform of South Korea. Firstly, it requires much endeavour to break the links among government, banks and industries; secondly, the easing of financial control facilitates efficiency improvement of financial service; thirdly, to launch financial reforms step by step in an coordinated way helps to avoid accumulation of systematic risks; and fourth, the building of a proper framework of monetary policy is also a key factor to transform the economy into an open financial system.