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Chinese
Premier Li Keqiang on Wednesday heard a report on advancing financial
opening-up at a State Council executive meeting, where he also chaired
discussions on work related to greater financial openness and stronger
financial services in boosting the real economy. The
meeting noted the steady opening-up of China's financial sector in
recent years, during which more than 100 foreign-invested banks and
insurance, securities, payment and clearing institutions have been
approved and set up. "We've
achieved notable progress in opening up the financial sector in recent
years. Yet there are also many challenges," Li said, "We need to
continue advancing opening-up in an orderly way, and fully leverage both
the domestic and international markets and resources, so that China
remains a popular destination for foreign investment." The
commitments made on financial openness will be effectively implemented.
Proactive efforts will be made toward a higher level of financial
openness based on a negative list approach, by aligning with
international standards. The
market access threshold of foreign-invested financial institutions such
as banks and insurance companies will be refined, and rules concerning
cross-border transactions between parent and subsidiary firms of
financial institutions will be improved. Channels and methods for
foreign capital to participate in the domestic financial market will be
optimized. Management
requirements of direct investment projects that are closely related to
the real economy will be improved. Efforts will be made to keep the RMB
exchange rate basically stable and at an adaptive and balanced level. "As
a developing country, China's development must rely on the real
economy. Greater financial openness should better serve the real
economy, which is of great importance to maintaining the country's
economic stability," Li said. The
macroprudential policy framework will be improved, and mechanisms for
the monitoring, evaluation and early warning of systemic financial risks
will be put in place, to maintain smooth operation of the financial
market. "We
must fully deliver on the commitments we have made by advancing the
opening-up in the banking and insurance sectors in an orderly way," Li
said, "We need to take a holistic approach in handling the relationship
between financial openness and financial security, to better safeguard
China's economic and financial security." The
meeting also decided on measures to further facilitate cross-border
trade and foster a more enabling business environment at ports, to
sustain steady growth of foreign trade.
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