SHANGHAI, Sept. 8 (Xinhua) -- China has removed all items in the 2020 negative list for foreign investment on accessing to China's financial industry, reported Shanghai Securities News quoting Chen Yulu, deputy central bank governor, on Tuesday.
Chen made the remarks at the China International Finance Annual Forum 2020 held on September 6, saying that the opening-up of China's financial sector has delivered early fruits as more foreign investors and foreign institutions are entering China's financial market in an orderly manner.
As Chen introduced, China scraped foreign ownership limits in banking, securities, futures, and fund management sectors and eased related foreign shareholder qualification restrictions such as those on asset sizes, and business operation period.
What's more, foreign investors are given pre-establishment national treatment in corporate credit, credit rating, payment and clearing sectors and more efforts are expected to be poured into matching China's accounting, taxation and transaction rules with corresponding international standards, noted Chen.
While pursuing higher-level opening up, China's financial service sector also actively participates in global financial governance and strives to shoulder necessary international financial responsibilities, added Chen.
As Chen told, China is working on making the Chinese currency yuan or Renminbi (RMB) a better international reserve currency. By the end of July, outstanding RMB-denominated financial assets held by foreign institutions and foreign individuals already grew to 7.74 trillion yuan, up 37 percent from the same period of 2019.
Besides, Chinese central bank, the People's Bank of China (PBOC) is shaping regulatory and supervisory framework on scientific and technological applications and enriching basic rules system to provide better environment for fintech development, Chen said. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
A single purchase
