China’s Securities Chief Meets with the World’s Bulge Bracket Investment Banks Following SVB Collapse

602

China’s top securities regulator has met with senior executives from some of the world’s leading financial institutions, as Beijing reiterates its commitment to further opening up of the Chinese financial sector.

Yi Huiman (易会满), chairman of the China Securities Regulatory Commission (CSRC), recently held meetings in Beijing with executives from some of the world’s top financial institutions, according to a statement made by CSRC on its official website.

These financial institutions included Bridgewater Associates, Invesco and Goldman Sachs from the United States; Credit Agricole from France, Daiwa Securities from Japan, HSBC from the United Kingdom, Manulife Financial from Canada, Temasek from Singapore, Allianz Insurance from Germany and Intesa Sanpaolo from Italy.

“In the face of a complex and ever-changing external environment, China’s capital market has always adhered to its original objective and goal, comprehensively deepening reforms and continuing to promote the multi-vector opening-up of institutions, markets, and products,” Yi said.

“The loosening [of restrictions on] foreign investment institutions doing business in China has continued to improve, and cross-border channels to connect markets have further expanded.

“In the future, the high-quality development of the Chinese economy and the high-level institutional opening-up of the Chinese capital market will bring broader opportunities. We welcome international financial institutions and global investors to continue to expand their operations and investment in China and share the dividends of China’s high-quality economic development.”

Yi sought to highlight the lustre of the Chinese market in the wake of turmoil in US and UK financial markets caused by the failures of Silicon Valley Bank and Credit Suisse.

“At present, global economic development is in a difficult and complex period, and a series of risk events have also recently occurred on the international financial market,” Yi said.

“It is hoped that business people can use economic and financial cooperation as a starting point to inject greater certainty into the development of the world economy, doing more work to enhance mutual understanding and promote international cooperation.”