Chinese Central Bank Calls for Further Opening of Finance Sector, Greater Participation in Global Regulation

118

The People’s Bank of China (PBOC) has highlighted plans to further drive the opening of the Chinese financial sector as well as play a greater role in global regulatory efforts.

In a post placed on its official WeChat account on 9 October, PBOC said that opening of the Chinese financial sector had “obtained breakthrough advances.”

“We have completely cancelled restrictions on the share of foreign ownership in the banking, securities, fund management, futures and life insurance sectors, and provide equal treatment to foreign invested institutions in the areas of enterprise credit ratings and payments,” the post said.

“We have actively driven bilateral opening of financial markets, and formed a multi-channel, multi-tier open environment covering shares, bonds, derivatives and the forex market.”

The PBOC post also highlighted China’s participation in global regulation of the financial sector.

“China has continually engaged in active participation in the G20, the IMF, BIS and multilateral banks,” the post said. “We firmly and flexibly participate in global economic regulation and policy coordination, jointly expedite global economic growth and maintain international financial stability.”

In future, PBOC said that it would “continue to deepen high-quality opening of the financial sector and continue to engage in constructive participation in global economic and financial regulation and international financial cooperation, to make an appropriate contribution to global financial stability.”