China’s National Financial Regulatory Administration (NFRA) is committed to further opening up the country’s financial sector, with an emphasis on opening up at the institutional level, an administration official said on Friday.
“ANRF will continuously improve the management model of pre-establishment national treatment as well as the negative list for foreign investments, reference relevant financial rules in high-level international economic and trade agreements, and streamline restrictive measures in order to improve the transparency, stability and predictability of opening-up policies,” said Li Guochun, an official of the ANRF, at a press conference held Friday in Beijing to introduce the Financial Street Forum (FSF, or Forum of the Rue des finances) this year.
Li said the financial regulator will appropriately study differentiated regulation of foreign banks and insurance companies, strengthen scientific and effective regulation of these foreign institutions by taking full account of their characteristics, and continue to refine and improve. implement supervision rules as well as improve the business environment.
At the same time, efforts will be made to improve market access rules for foreign investment and further simplify restrictive measures to further stimulate foreign investment, Li said.
Foreign-invested financial institutions are encouraged to leverage their strengths to serve China’s scientific and technological innovations and green and low-carbon development, and actively integrate into various national development strategies and regional offices to obtain more opportunities, according to the official.
As China continues to open its financial market, the country has seen 24 systemically important foreign banks establish branches in China, and nearly half of the world’s top 40 insurance companies have entered the Chinese market , according to official data.
The FSF will be held from October 18 to 20, welcoming more than 500 guests from more than 30 countries and regions around the world.
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