The former head of China’s finance ministry says that the country will permit foreign financial institutions to list shares on Chinese bourses when conditions are appropriate.
“When conditions are ripe, we will allow foreign-invested financial institutions to be publicly listed in the domestic capital market,” said Lou Jiwei (楼继伟), chairman of the Global Wealth Management Forum and former head of China’s Ministry of Finance, at the “Global Wealth Management Forum 2023 Annual Meeting” (全球财富管理论坛2023年会).
“The Chinese government will unswervingly expand high-level financial opening-up. We will allow the domestic and overseas platforms of foreign-invested institutions to share resources rationally.
“We will optimize the channels and methods for foreign capital to participate in the domestic financial market; reduce operating costs, and improve operational efficiency.”
Lou highlighted two key focal points for further opening up of China’s financial sector in future:
- Implementation of a more proactive opening-up strategy. “China’s financial industry is implementing a wider and deeper opening to the outside world on a broader scope”
- Commitment to creating a high-quality policy environment and business environment. “This includes strengthening the equal treatment of domestic and foreign capital, strengthening integration with international rules, strengthening the introduction of high-quality overseas talent, as well as the need to improve the rules for cross-border exchanges between financial institutions and their subsidiaries.”