The People's Bank of China issued its latest financial stability report on Friday.  The report reviewed the development of China's financial industry in 2008, and confirmed the progress made by China's financial institutions.

Looking forward, the report says that faced with new challenges in 2009, the financial industry should continue its reform, enhance its capability of risk management and control, improve its international competitiveness, and promote innovation.  Government agencies should also advance its supervisory role and push for changes of the international financial system.