Xinhua News Agency, Beijing, September 23rd, china securities journal published an article on the 23rd, titled "Financial Opening, Steadily Stabilizing Foreign Capital Plus Layout in China Market". According to the article, Faba Agricultural Bank Wealth Management Co., Ltd. opened and became the fifth foreign-controlled joint venture wealth management company in China. One of Japan’s largest asset management institutions-Sumitomo Mitsui Private Equity Fund Management (Shanghai) Co., Ltd., a subsidiary of Sumitomo Mitsui, has completed the filing and can develop its business in China … With the steady progress of China’s financial opening up, foreign financial institutions have accelerated their efforts to "grab the beach" in China market in recent years. The insiders believe that it is necessary to further benchmark international best practices and rules, create a market-oriented, rule-of-law and international first-class business environment, and steadily and orderly promote the two-way opening of institutional financial industry.
Financial opening-up is deepening.
In recent years, the financial management department has actively and orderly promoted the opening of the financial industry, and achieved positive results, including the substantial relaxation of market access for financial services, the deepening of financial market opening, and the steady progress in RMB internationalization.
(Profile picture, issued by Xinhua News Agency)
Data show that by the end of 2022, foreign banks had established 41 foreign-funded corporate banks, 116 branches of foreign banks and 135 representative offices in China, with a total of 911 business institutions and total assets of foreign banks reaching 3.76 trillion yuan. Overseas insurance institutions have set up 68 foreign-funded insurance institutions and 79 representative offices in China, with total assets of foreign-funded insurance institutions reaching 2.26 trillion yuan.
"After more than 40 years of unremitting exploration, China’s financial industry has achieved’ four trends’ as a whole." Huo Xuewen, chairman of Bank of Beijing, said that, specifically, access management has moved from a positive list to a negative list, the opening mechanism has moved from one-way introduction to two-way opening, international cooperation has moved from active participation to active governance, and regional opening has moved from multi-point exploration to comprehensive breakthrough.
"For foreign investors, China financial assets represented by RMB assets have diversified investment value, actual capital allocation needs and fundamental support." Pang Yao, chief economist and research director of Jones Lang LaSalle Greater China, believes that foreign financial institutions can accelerate their entry into, participation in and deep cultivation of China’s financial market, and global investors can pay attention to, allocate and hold China’s financial assets and cast the best vote of confidence for China’s economic growth and social development with real money.
(subhead) Continuously optimize policy arrangements
Experts said that the recent actions of the regulatory authorities also showed that the support for financial openness continued to increase. A few days ago, the People’s Bank of China and the foreign exchange bureau held a forum for foreign-funded financial institutions and foreign-funded enterprises, which released a positive signal to further promote high-level opening up.
Pan Gongsheng, governor of the People’s Bank of China, said that the next step will be to conscientiously implement the requirements of "the State Council’s Opinions on Further Optimizing the Foreign Investment Environment and Increasing Attracting Foreign Investment", continuously optimize policy arrangements, create a market-oriented, rule-of-law and international first-class business environment, continuously improve the quality and efficiency of financial services, and help to open to the outside world at a high level.
"Opening to the outside world is China’s basic national policy, and it is also the core requirement for deepening the structural reform of the financial supply side and promoting high-quality economic development." Shang Fulin, the former chairman of the China Banking Regulatory Commission, believes that it is necessary to further benchmark international best practices and rules, steadily and orderly promote the two-way opening of the institutional financial industry, better integrate with the international market, make better use of the international and domestic markets, give full play to the advantages of the two resources, improve the quality and efficiency of the international economic cycle, serve to build a new development pattern of double cycle, and provide a solid foundation and guarantee for coping with external financial shocks.
Experts said that in the future, financial opening needs to accelerate the establishment and improvement of unified market system rules, establish a fair, transparent and standardized market system, and create a first-class business environment with marketization, rule of law and internationalization; Constantly improve the financial infrastructure and deepen and expand the interconnection between domestic and foreign markets; Accelerate the establishment of a modern central bank system, promote financial institutions to speed up the improvement of internal governance, speed up the shortcomings of the regulatory system, and enhance the ability of risk early warning and prevention. (End)
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