BEIJING, Nov. 8 (Xinhua) -- China will further relax market access for foreign-funded institutions to create with unremitting efforts an institutional environment boosting prudent operation and fair competition, reported Xinhua Finance citing Li Yunze, head of National Administration of Financial Regulation (NAFR) on Wednesday.
Li made the remarks during the Annual Conference of Financial Street Forum 2023 on Wednesday, highlighting at the same time accelerating optimization of the pre-establishment national treatment plus a negative list model for foreign investment and further enhancing the transparency, stability and predictability of financial rules and policies.
Opening-up provides important impetus to China's financial industry reform and development. As Li introduced, China rolled out in recent years more than 50 measures for financial opening up, largely trimming quantitative thresholds for foreign investment access to further broaden financial opening up.
All of the past proved that China's financial opening up is an opening up move that was actively and orderly advanced and brought win-win results, said Li.
When talking about the prospects of asset management industry in China, Li pointed out that China has currently become the second largest asset and wealth management market around the world.
Alongside improvement in national residential incomes, such investment philosophy including the long term investment, value-based investment and investment diversification ideas will be deeply rooted in investors' minds and China's asset and wealth management industry is expected to enter a golden period.
At present, financial industry has grown to be the largest pillar in the economy of Beijing and local sci-tech, green and digital finance development runs at the forefront of the national comparable sectors, added Li, saying that in the future, efforts for Beijing to pilot financial reform measures will be supported as always to craft a modern financial system with international competitiveness. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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