PR Newswire
08 Nov 2023, 19:46 GMT+10
BEIJING, Nov. 8, 2023 /PRNewswire/ -- China's financial regulators on Wednesday pledged to expand high-level financial openness to attract more foreign investment at the opening ceremony of the 2023 Financial Street Forum in Beijing.
This year's forum, themed "Better China, Better World: Enhancing Financial Openness and Cooperation for Shared Growth and Mutual Benefits," will last till Friday.
Li Yunze, director of the National Administration of Financial Regulation, said the country will continue to open up the financial sector, and attract more foreign financial institutions and long-term capital to China.
Li noted that China's asset and wealth management industry is entering a "golden age" as incomes rise and investors increasingly embrace long-term investing and value investing.
In recent years, China has taken a number of steps to open up its financial sector. These include the scrapping of a foreign ownership cap in the banking and insurance sectors and the significant reduction in market entry barriers.
Currently, 30 of the world's systemically important banks have set up branches in China. Nearly half of the world's top 40 insurance companies have entered the Chinese market.
Li said that China will further accelerate the implementation of the negative list management system, which allows foreign financial institutions to enter the market unless specifically prohibited.
Meanwhile, Pan Gongsheng, governor of the People's Bank of China, said that China will keep liquidity reasonably ample to support economic growth.
He stressed the importance of steadily expanding the institutional opening of the financial market and promoting the facilitation of trade, investment and financing.
Pan also reiterated the country's commitment to a market-based exchange rate and the steady and gradual internationalization of the Chinese renminbi, also known as the yuan.
Yi Huiman, chairman of the China Securities Regulatory Commission, said that China's economic recovery is now on firmer footing and that development potential is being further released.
He said finance will continue to play its crucial role in serving the real economy, focusing on five major fronts: technology finance, green finance, inclusive finance, pension finance and digital finance.
Yi also stressed the need to guard against risks and vowed to make every effort to maintain the stable and healthy development of the capital market.
Get a daily dose of Malaysia Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.
More InformationCOLOMBO, Sri Lanka: A passenger bus carrying nearly 50 people skidded off a cliff in Sri Lanka's central highlands, killing 21 and...
New Delhi [India], May 18 (ANI): Union Parliamentary Affairs Minister Kiren Rijiju has released the list of seven multi-party delegations...
Gandhinagar (Gujarat) [India], May 18 (ANI): Union Home Minister and MP from Gandhinagar, Amit Shah virtually inaugurated and laid...
Mumbai (Maharashtra) [India], May 18 (ANI): Veteran actor Arun Bakshi has praised the Indian Armed Forces and Prime Minister Narendra...
New Delhi [India], May 17 (ANI): India has imposed restrictions on the entry of Bangladeshi ready-made garments (RMG) and other products...
Guwahati (Assam) [India], May 17 (ANI): Arunachal Pradesh Chief Minister Pema Khandu on Saturday strongly condemned China's preposterous...
WASHINGTON, D.C.: Smartphone shipments to the United States jumped 30 percent in March as manufacturers including Apple, Samsung, and...
CHICAGO, Illinois: Kraft Heinz is committing US$3 billion to revamp its U.S. manufacturing plants, marking its largest investment in...
STOCKHOLM, Sweden: Sweden plans to propose that the European Union join the Pacific Rim trading bloc, the CPTPP, aiming to create the...
NEW YORK, New York - U.S. stocks closed higher Friday with all the major indices capping weekly gains in the process. Markets are...
WASHINGTON, D.C.: The U.S. Department of Energy has announced plans to eliminate or amend more than 40 regulations as part of President...
WASHINGTON, D.C.: In April, U.S. consumer prices went up slightly. Rent costs increased, but food prices went down, which helped keep...