Xi Jinping’s commitment to open up China even more is already being put into action. China’s central bank unveiled landmark policies to attract foreign investment in the financial market.
CGTN’s Zou Yun reports.
A more open, fair and dynamic Chinese financial market is on the way.
China’s newly appointed central bank governor Yi Gang announced a slew of reform measures on foreign capital entering China’s financial market. These include abolishing shareholding limits of foreign-funded banks and financial asset management firms, lifting the shareholding cap to 51 percent for foreign firms of securities, funds, and futures, as well as allowing foreign investors to engage in insurance agent and assessment businesses in China.
The new policies will allow domestic and foreign financial firms to compete on equal footing, and serve the real economy more effectively. They are expected to be enacted by end June.
Yi Gang said new policies follow 3 principles, “the first is the implementation of national treatment and negative list management. The second is to align the process of opening up with the reform of the exchange-rate mechanism and capital account convertibility. The third is to prevent financial risks.”
The central bank chief also addressed the ongoing trade frictions between China and US. He said the country will not resort to Yuan devaluation as a counter tactic, but will use rational means to solve the problem.
Chen Zhao discusses what China’s further opening-up will bring about
For what China’s further opening-up and financial market reforms will bring about, CGTN’s Mike Walter speaks with Chen Zhao, chief global strategist at Alpine Macro.