Chen Yulu at Caixin Roundtable in Washington. Photo: Caixin
China will open up its financial sector “across the board” and create a “win-win” situation for institutions and investors, Chen Yulu, deputy governor of the People’s Bank of China, said at the Caixin Roundtable in Washington.
Chinese authorities have made a slew of efforts over the past year to broaden foreign investors’ access to its financial market as a key part of the country’s financial reform commitment and a core issue in the trade negotiation, said Chen. That include easing restrictions on foreign ownership in financial institutions, widening their business scope and streamline administrative procedures for foreign investment.
After a challenging 2018 for Chinese policymakers responding to headwinds abroad and at home, the world’s second-largest economy is showing signs of improvement, bolstering the confidence of global investors and market watchers.
But uncertainties remain at a delicate moment for the global economy, and the best strategy for China to weather new challenges is to continue its commitment to reform and opening-up, leaders have reaffirmed.
Cheng, who ranks second in the central bank’s leadership after Governor Yi Gang, outlined several changes that China will make to better embrace foreign investors and integrate with global markets.
Read Chen’s speech at the Caixin Roundtable here.