BUSINESS China to continue advancing financial opening-up: central bank

BUSINESS

China to continue advancing financial opening-up: central bank

Xinhua

19:48, October 24, 2020

FILE PHOTO: Governor of People's Bank of China (PBOC) Yi Gang attends a news conference on China's economic development ahead of the 70th anniversary of the founding of the People's Republic of China, in Beijing, China September 24, 2019. [Photo/Agencies]

SHANGHAI - China will continue pushing forward the opening-up of the financial industry and create a market-oriented, law-based international business environment, the country's central bank governor said Saturday.

The country is working toward the full implementation of the "pre-establishment national treatment plus negative list" management system for foreign investment, said Yi Gang, governor of the People's Bank of China, in a speech via video link at the second Bund Summit in Shanghai.

Over the past two years, China's financial industry has taken landmark steps in opening-up, Yi said, citing more than 50 opening-up measures.

Noting that foreign institutions still have many demands despite China's rapid financial opening-up, Yi said much remains to be done as the sector transforms toward the negative list management system.

Yi said coordinated efforts should be made to promote the opening-up of financial services, reform of the yuan's exchange rate formation mechanism, and the yuan's internationalization.

He also stressed improving the ability to forestall and defuse major risks when opening up the financial industry.

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