China’s top banking regulator has outlined a range of measures to further drive the opening up of the financial sector, after the issue received lead billing in the Central Economic Work Conference held towards the end of 2022.
“Financial opening helps to raise the quality of China’s development, and can also enable the world to share the dividends of China’s reform and development,” said Guo Shuqing (郭树清), party secretary of the Chinese central bank and chair of the China Banking and Insurance Regulatory Commission (CBIRC), in a recent interview with state-owned media.
“In recent years, China’s financial opening and reform has entered a new phase, and the appeal of its financial markets has continually strengthened. In future, the pace of the opening of Chinese finance will not relent.”
Guo highlighted a range of measures for further driving the opening up of China’s financial sector including:
- Further simplifying procedures for offshore investors to enter the Chinese market. Diversifying the types of sectors and assets that are investible, and continually raising the convenience of investment.
- Steadily expanding the openness of systems including regulations, rules and management standards. Driving the high-quality implementation of the Regional Comprehensive Economic Partnership (RCEEP) and other international trade initiatives.
- Operating a marketised, rule-of-law based, internationalised first-grade commercial environment. Treating domestic and foreign capital equally and fairly.
- Raising financial regulatory capability and risk prevention and control capability under conditions of opening. Better coordinating development and security.