China to Steadily Push Forward Financial Opening Up

A report from Xinhua on Nov. 8th, 2024:

China will steadily promote institutional opening up of the financial service sector and the financial market, and expand connectivity between domestic and overseas financial markets, according to the central bank.

China will continue to implement a supportive monetary policy, improve the quality and efficiency of financial services, and facilitate trade, investment and financing to promote sustained economic recovery and high-quality financial development, Pan Gongsheng, governor of the People’s Bank of China, told a meeting with foreign financial institutions.

Noting that the fundamentals of the Chinese economy and favorable conditions such as a vast market, strong economic resilience and great potential have not changed, Pan said the country’s recent incremental policies in the financial sector have greatly boosted public confidence.

Foreign investors have significantly increased their expectations and confidence in the Chinese market after China unveiled a package of incremental policies in the financial sector, according to foreign financial institutions, including HSBC, Standard Chartered Bank and Citibank, at the meeting.

Since late September, Chinese authorities have unveiled a broader-than-expected policy package, which focused on enhancing counter-cyclical adjustments, expanding effective domestic demand, supporting business operation, promoting the recovery of the property market, and invigorating capital markets.

Aside from these pro-growth policies, Chinese policymakers continued to improve investment facilitation, create a favorable investment environment, promote high-level financial opening up to the outside world, and actively support foreign investors in participating in the Chinese capital market.