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China will introduce deeper reform for financial markets and
institutions and actively promote the implementation of policies for
financial opening up, the nation's top banking and insurance regulatory
body said on Tuesday. Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, made the remarks at a news conference. He said China will work to build a more level playing field and
introduce higher-level opening up, further energizing market vitality. Foreign financial service institutions have shown stronger
willingness to enter the Chinese market. Since 2018, over 100 foreign
banks and insurance firms have gained approval for entry into China's
market, including some of the most highly reputed international
institutions in commercial insurance, wealth management and credit
rating, Guo said. The country will work to build and refine its mechanism for financial
institutions to better serve the real economy. Well-calibrated support
will be given to private and small businesses, as well as those
centering their business on technology and green development.
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