China has opened up its doors on financial pointers pitched by the International Monetary Fund (IMF) and vowed that helpful advisories coming from the global financial institution would be adopted where they matter.

In a statement, the international lender revealed that People's Bank of China (PBOC) governor Zhou Xiaochuan seemed receptive of the recommendations laid out by IMF during its initial Financial Sector Assessment Program (FSAP) in China on November.

Zhou, the IMF said, had indicated that Beijing is working to achieve financial standards religiously followed by major global economies.

Also, the PBOC chief had acknowledged that adhering with the IMF standards would reduce risk and exposure that China's economy would very well encounter as it treads the path of further growth and expansion.

"Rigorous implementation of international standards and codes is critical in reducing financial risk," Zhou was reported by Agence France Presse (AFP) as saying during the gathering of key Asian bankers and regulators jointly-sponsored by Beijing and IMF.

On its FSAP, the IMF criticised China's problematic financial policy, specifically the government's heavy meddling in the affairs of banking institutions and regulators that in turn spawned financial situations that could eventually hamper the country's economic advancement.

Beijing's looming presence over the country's financial decisions, even on entities supposed to enjoy some form of independence from the government led to weak market discipline and corporate governance.

Chief of IMF suggestions are for China to delegate more power to its central bank officials, allow the Yuan free movement and give more leverage for government banks to take risks in plotting their financial strategies.

Zhou admitted that the financial integration espoused by IMF makes sense and has vowed to put its provisions in motion 'as appropriate', a move seen positively by market watchers as they note China has no obligation to abide by the IMF review.

"China will further strengthen its financial stability, regulatory and supervisory framework and promote financial reform and development by incorporating the findings of the China FSAP as appropriate," the PBOC chief was quoted by AFP as saying.

In its quest for further integration in the dynamics of global economy, China has allowed the IMF to conduct mandatory review of its financial system every five years.

The IMF has labelled China as one of the 'systemically important countries', 25 in all, under its close monitoring.

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