China's financial sector has entered a new phase featuring high-standard opening-up, the head of the country's top banking and insurance regulator said on Monday.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, speaks at a press conference, Beijing, China, March 2, 2022. (Photo: CFP)

Since 2017, the assets of foreign banks in China have increased by nearly 30 percent, and the assets of foreign insurance companies in China have expanded by roughly 120 percent, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said at this year's Financial Street Forum annual conference.

"We will, as always, welcome foreign financial institutions with sound operations, good qualifications and outstanding specialties to participate in the Chinese market," Guo said.