China to relentlessly expand opening up of financial sector (banking and insurance regulator)

The Financial Street Forum 2022 Photo: VCG

China will relentlessly expand its financial industry openness and cultivate a high-level environment for market entities, a Chinese official said Tuesday at the ongoing Financial Street Forum 2022 in Beijing.

China has introduced more than 50 financial reform and opening-up policies since 2018, and more than 120 foreign banking and insurance institutions have opened in China during this period, said Zhou Liang, vice chairman of the commission. China Banking and Insurance Regulatory Authority (CBIRC). during a parallel session in the forum.

Compared with 10 years ago, the capital of foreign banks in China has increased by 50% and that of foreign insurance companies has increased by 130%, which shows that international investors have full confidence in the long-term development. long-term, stable and healthy Chinese economy, Zhou said.

The official pledged to further promote the opening up of the financial sector with a more proactive attitude, a more diverse open market landscape, a higher quality environment and a safer open system.

By making full use of the advantages of China’s colossal market, the nation will continue to optimize the financial connection mechanism under the “dual circulation” development paradigm, attract high-quality global financial resources and serve the construction of a new development model, he added. said.

China will intensify its efforts to foster a market-based, legalized and world-class business environment for all types of market players to enjoy fair competition. The nation will strive to continue to improve the foreign investment management system of pre-establishment national treatment plus negative list, well implement the regional comprehensive economic partnership, and encourage Chinese and foreign financial institutions to leverage their respective capital, technology and other strengths. to carry out comprehensive cooperation, Zhou added.

Chinese capital markets have become an essential part of global asset allocation. By August 2022, more than 200 foreign institutional investors, including banks, brokerage firms, funds and other institutions, had entered China’s A-share market, continuously increasing their investment in China’s market.

By the end of September 2022, the market capitalization of A-shares held by overseas investors reached 2.77 trillion yuan ($385 billion), accounting for 4.35 percent of the total amount. From January to September 2022, cumulative net inflows into the A-share market through the stock connect between Hong Kong and mainland markets reached more than 52 billion yuan.

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