China is to promote regional structural reform of financial institutions and encourage cross region acquisitions, annexation and reorganization, with the intention to guarantee healthy financial development on local level and strengthen local potential for developing financial services, China Securities Journal reported, citing the central bank.   Local financial reform needs to optimize capital flow and resources as well as to adjust the market through cooperation of industries by promoting regional financial cooperation, said Vice-president of China people’s Bank, Su Ning, on a forum yesterday.   In order to achieve regional economic development, financial infrastructure has to be strengthened. Su said that establishment financial information infrastructure has to be prioritized. A mature market intelligence provider together with improved modern payment system, local bank card network, a support platform for further financial modernization would thus be consolidated. Other innovative financial products such as credit loan, agricultural insurance as well as offshore financial products also need to be promoted on local level.   To further open up financial market along northern coastal areas, Su suggested formulation of concession policy to attract foreign establishment of local investment arms or investment in local financial institutions. Cross-region organization should also be established to strengthen cooperation with financial markets in ASEAN and Zhujiang Delta.   Su emphasized that people’s bank has to bear the responsibilities to stabilize local finances, accelerating a risk management body on local level to release regular report and analysis and ensure sufficient information flow.