BEIJING, Oct. 12 (Xinhua) -- Chinese financial regulator will focus on institutional opening up to further bolster high-level opening up of the financial sector, reported Xinhua Finance citing Li Guochun, an inspector with the International Cooperation Department of National Financial Regulatory Administration (NFRA) on Friday.
NFRA planned to further optimize the pre-entry national treatment plus negative list management modes, align related financial sector rules with counterparts in high standard international economic and trade pacts, streamline related restrictive measures, and make financial sector opening-up policies more transparent, stable and predicable, said Li on the press conference of Annual Conference of Financial Street Forum 2024 held on October 11.
Li outlined three aspects in NFRA's efforts on boosting high-level financial sector opening-up, namely stabilizing existing foreign investment in financial sector, exploring new sources of foreign financial investment and improving the quality of related investment in China.
In details, NFRA will continue to explore the appropriately differentiated regulation over foreign-funded banking and insurance institutions in China to further optimize their business environment.
Li also mentioned improvement in foreign investment access rules and reasonable reduction of financial sector restrictive measures, highlighting NFRA's support for eligible foreign-funded financial institutions to participate in related business and pilots to draw more foreign financial institutions and long-term capital holders to start business in China.
Moreover, foreign-funded financial institutions are supported to leverage their own advantages to serve the sci-tech innovation and green and low-carbon development and actively integrate into the coordinated development of Beijing-Tianjin-Hebei region and other national and regional development such as construction of the Guangdong-Hong Kong-Macao Greater Bay Area to win more growth opportunities in China, according to Li.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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