Analysts and industry insiders have been calling for deepened financial reform to guarantee healthy and stable economic growth.

Their appeal seems to have been answered in a development plan released on Sunday by the Development Research Center of the State Council, a think tank of the central government.

In the plan submitted to the Third Plenum of the 18th Communist Party of China Central Committee scheduled for November, the think tank lays out a three-phase roadmap for China's reforms. Financial reform includes building a diversified financial system with supportive private financial institutions, internationalization of the renminbi in a decade, and establishing a deposit insurance system, Xinhua reported on Sunday.