March 23, 2019 / 6:54 AM / a month ago

China studies new round of financial sector opening: official

BEIJING (Reuters) - China’s banking and insurance regulator is studying a new round of opening measures for the country’s financial sector, aiming to achieve the dual goals of greater access as well as stability, a senior official at the regulator said on Saturday.

Wang Zhaoxing, vice chairman of China Banking and Insurance Regulatory Commission (CBIRC), said China will allow foreign banks and insurance companies a greater presence in China.

“The CBIRC is studying a new round of opening measures, including further easing market access conditions,” Wang said at the annual China Development Forum in Beijing.

The regulator said it aims to attract more foreign professional and high-quality banks and insurance companies by opening China’s financial markets further.

“China will encourage foreign banks and insurance firms to increase financial products and services in China,” he said.

He also said China plans to abolish quantitative restrictions for foreign financial firms.

Reporting by Kevin Yao; Editing by Tom Hogue

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