China to steadily promote institutional opening of financial services sector
Date
11/7/2024 8:41:50 AM
(MENAFN) China plans to steadily advance the institutional opening of its financial services sector and financial markets, aiming to enhance connectivity between domestic and international financial systems. Pan Gongsheng, governor of the People's bank of China, outlined these goals during a meeting with foreign financial institutions, emphasizing the need to maintain a supportive monetary policy. The goal is to improve the quality and efficiency of financial services, while facilitating trade, investment, and financing to ensure sustained economic recovery and foster high-quality financial development.
Pan emphasized that the fundamentals of China’s economy remain strong, pointing to a large market, economic resilience, and significant growth potential. These factors, coupled with recent incremental policies, have bolstered public confidence in the economy. These new policies are aimed at addressing cyclical economic challenges and supporting broader economic recovery efforts.
Following the introduction of these measures in late September, foreign investors have expressed greater confidence in China's market, with institutions such as HSBC, Standard Chartered, and Citibank noting the positive impact of the policies. The policy package includes a focus on counter-cyclical adjustments, stimulating domestic demand, and revitalizing key sectors like business operations, the property market, and capital markets.
In addition to pro-growth policies, China has made strides in improving the investment environment, continuing to open its financial sector to international markets. Policymakers are actively working to support foreign investors' participation in the Chinese capital market, further reinforcing China's commitment to deepening its integration with global financial systems.
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