Future of China’s Financial Industry
This year, the CPC Central Committee, the State Council and the People’s Bank of China (PBC) have continued their efforts to open up the banking sector. It was stressed at the National Financial Work Conference that further opening up of the financial industry is a significant part of China’s overall opening-up policy. The Notice of the State Council on Several Measures for Promoting Foreign Investment Growth rolled out 22 measures to reduce access restrictions on foreign capital and four other areas. n addition, at the Thirty-Sixth Meeting of the International Monetary and Financial Committee, PBC Governor Zhou Xiaochuan expressed China’s commitment to further open up the financial industry. It was also stated at the Central Economic Work Conference that China will further open the financial sector, significantly ease market access, implement pre-establishment of national treatment plus a negative list across the board, continue to shorten the negative list, and speed up the improvement of laws governing foreign investment. China will continue its efforts long-term in attracting foreign investment into its banking industry by promoting the improvement of services. With the opening of China’s financial industry, cross-border cooperation and innovation will continue to increase.