China’s banking, insurance sectors to further open up

2019-05-31
Xinhua

BEIJING — China’s banking and insurance sectors are seeing a series of opening-up measures taking place, an official with the country’s top banking and insurance regulator said on May 30.

Wang Zhaoxing, deputy chairman of the China Banking and Insurance Regulatory Commission (CBIRC), made the remark at the Annual Conference of Financial Street Forum 2019 in Beijing.

China will continue to optimize the access conditions for foreign banks and insurance institutions under the premise of effective risk prevention, according to Wang.

A total of 12 new rules were released by the CBIRC on May 1, demonstrating China’s confidence and resolution to boost high-quality development of its financial sector and real economy through opening up, Wang said.

“As of now several measures are taking effect, with very positive reaction from the market and international community. Financial institutions from many countries and regions have expressed their willingness for further expansion in China, several of which have filed applications for access,” Wang said.