China Will Continue to Deepen the Opening of the Financial Sector
The 17th Annual China International Finance Forum was held in Shougang Park as the main forum of the Finance Exhibition during the 2021 China International Fair for Trade in Services (CIFTIS). Chen Yulu, vice governor of the People's Bank of China, pointed out that China has made breakthroughs in recent years by adhering to the independent and orderly expansion of financial sector opening with great intensity and coverage. The pre-entry national treatment for foreign investment + negative list management system has been basically established, and the restrictions on foreign ownership in the fields of banking, securities, fund management, futures and life insurance have been completely removed, and the scope of business has been significantly relaxed. The foreign investors in the fields of corporate credit, credit rating, payment clearing and other areas of business development enjoy national treatment. In addition, the opening of both sides of capital market is also continuing to expand, and the basic supporting systems of accounting, taxation and trading are gradually converging with international standards. At the same time foreign financial institutions are actively and orderly entering the Chinese market, showing a situation of a hundred flowers blooming.
The next step will be to continue to deepen the opening of the financial sector, one hand to grasp the implementation of financial sector opening commitments, the other hand to speed up the improvement of the institutional arrangements, and promote systematic institutional opening: improve the pre-entry national treatment + negative list management system; optimize regulatory policies to create a good business environment; and continuously improve the economic and financial management capacity and risk prevention and control under open conditions.
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