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OPINION

Opinion: Building a Door Instead of a Wall for China’s Financial Liberalization

By He Fan, Zhu He and Li Chaohui

The State Council of China recently issued a statement on the further opening-up of such industries as banking, bonds and insurance. This sparked heated discussion in China. The “2017 Jingshan Report,” published by the China Finance 40 Forum, merits our attention.

The theme of the report is “opening China’s financial industry gradually and steadily.” The report analyzes the status quo and potential risks of opening the Chinese financial industry and offers significant suggestions for policymakers. The discussions about the related issues of opening China’s financial industry are insightful and comprehensive. It is one of the few reports in recent years that have systematically studied the benefits and problems that may be brought about by opening China’s financial market. The report makes an important statement that in the process of further opening up China’s financial industry, moderate and temporary control over cross-border capital flows can facilitate financial stability and monetary policy independence.

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