Central bank chief pledges wider opening of financial market

China will open its financial market wider to foreign investors as part of its opening up policies, said the country's central bank chief on Friday.

Zhou Xiaochuan, governor of the People's Bank of China, made the remarks at a press conference held on the sidelines of the annual session of the National People's Congress.

Zhou said that Chinese financial institutions are scattered around the world which helps expand the financial business worldwide so that it brings an opportunity for the country to further push forward its financial reforms.

The sign of China opening up the financial sector including the banking, securities and insurance markets was sent last year, when China announced its plans to lower the financial market access for foreign investors after a summit between Chinese President Xi Jinping and US President Donald Trump.

Some experts said that China's level of openness in the financial sector matches that of the developed economies.

China is also considering opening up the capital market to a new level, added Zhou.

Yi Gang, vice governor of China's central bank, echoed Zhou, saying that some restrictions set on foreign investors interested in investing in China's stock and bond markets would also be eased in accordance with the related regulations and rules. But Yi stressed that it does not mean supervision would become loose.

The China Securities Regulatory Commission has published a new regulation, which allows foreign investors to hold controlling stake in securities companies.

According to an official document, members of the National People's Congress, the country's top legislature, will elect the successor of Zhou, who has served as PBOC governor for 15 years and is widely considered as a supporter of reform.

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