**: Brokerage China.
Since joining the World Organization, China's financial door to the outside world has continued to be open. From the pilot of RMB cross-border settlement, to the access of foreign banks and leading companies, to the "interconnection" and product innovation of the capital market, every step has witnessed the leapfrog development of China's financial industry.
Recently, some foreign financial institutions interviewed by Chinese reporters from securities firms said that the pace of opening up of China's financial market has further accelerated, which has broadened the channels for mainland institutions and investors to integrate into the international market.
The regulator has also repeatedly made it clear that it will continue to deepen financial reform and opening up. A few days ago, a package of policies to support the opening up of the onshore bond market and Hong Kong's better integration into the overall development of the country has also been disclosed one after another.
Foreign-funded institutions are optimistic about China's opening up.
In recent years, China has introduced a wide range of opening-up policies and large steps. In this round of opening up in 2018, it fully involved banking, insurance, ** and other fields, and in the fields of insurance and **, foreign capital was allowed to participate in holding or wholly-owned investment for the first time.
The high level of opening-up has attracted all kinds of foreign-funded financial institutions. The development of foreign financial institutions in China has witnessed the opening up and growth of China's financial market. From the initial pilot project to the current liberalization of market access, the development of foreign banks, ** companies and other financial institutions in China has been gradually deepened. This not only provides a broader space for foreign investment to develop, but also injects new vitality into China's financial market.
Industry insiders said that by attracting foreign financial institutions to enter the Chinese market, they can bring advanced business philosophy, management experience and technological innovation, and promote the improvement of the overall level in two-way exchanges. At the same time, the active participation of foreign institutions will also help improve the internationalization of China's financial market, attract more international capital inflows, and promote the high-quality development of China's economy.
The reporter also found in the interview that the executives of foreign banks feel the same thing that the pace of opening up of China's financial market has always been firm, regardless of depth or breadth.
The continuous promotion of high-quality two-way opening-up has not only introduced a wider range of high-quality foreign investors to the domestic market, but also broadened the channels for mainland institutions and investors to integrate into the international market. Wang Yunfeng, President and Chief Executive Officer of HSBC Bank (China)**, said.
In her 2024 New Year's message, former Citi China CEO Yuhua Lin said that the Chinese market is extremely important in Citigroup's global strategy. In 2023, Citi's Global Chief Executive Officer, Jane Fraser, visited China twice to actively engage with clients and regulators, highlighting Citi's commitment to customers in the Chinese market.
Hang Seng China, which is committed to becoming a pioneer in financial connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area, has covered all mainland cities in the Greater Bay Area, and the Greater Bay Area accounts for about one-third of Hang Seng China's business. We will give full play to our cross-border advantages, actively help enterprises grasp the opportunities of regional coordinated development, meet the rapidly growing cross-border wealth creation needs of customers in the Greater Bay Area, promote the construction of an international financial hub in the Greater Bay Area, and explore new paths for high-quality regional development.
Various institutional measures have been introduced gradually.
Just as the signal released by the recent seminar on promoting high-quality financial development by major leading cadres at the provincial and ministerial levels: through expanding opening up, we will improve the efficiency and ability of China's financial resource allocation, and enhance international competitiveness and the influence of rules.
At the *** press conference held on January 24, the relevant person in charge of the People's Bank of China introduced the implementation of the deployment of the ** economic work conference and the high-quality development of the real economy of financial services. At the meeting, Pan Gongsheng, Governor of the People's Bank of China, briefed on the key work of the People's Bank of China in 2024, among which the continuous deepening of financial reform and opening up is unswerving.
On the one hand, we will further promote financial reform. Pan Gongsheng said that it is necessary to focus on building a standardized, transparent, open, dynamic and resilient financial market, further optimize the financing structure, market system and product system, and provide higher quality and more efficient financing services for the development of the real economy. Further promote the development of the credit reporting market and the payment market.
On the other hand, we will unswervingly promote the high-level opening up of the financial industry. "Deepen the institutional opening up of the financial sector and expand the interconnection of domestic and foreign financial markets. Steadily and steadily promote the internationalization of the RMB. We will continue to support Hong Kong and Shanghai in enhancing their status as international financial centres. Pan Gongsheng pointed out.
In addition, the central bank has made it clear that it will actively participate in international financial governance and deepen international financial cooperation. We will practice multilateralism, strengthen dialogue and communication, and promote global macroeconomic and financial policy coordination through platforms such as the G20, the International Monetary Organization, and the Bank for International Settlements. Implement the consensus reached at the San Francisco Summit between the heads of state of China and the United States, and take the lead in the work of the China-US and China-EU financial working groups.
According to reports, in order to further promote the high-level opening up of the mainland's financial industry, deepen financial cooperation between the mainland and Hong Kong, and consolidate and enhance Hong Kong's status as an international financial center, the People's Bank of China and the Hong Kong Monetary Authority have decided to launch six policy measures on the basis of full preparations in the early stage, involving financial market connectivity, cross-border capital facilitation, and deepening financial cooperation.
A package of policies to support the opening up of the onshore bond market and support Hong Kong's better integration into the overall development of the country has been disclosed one after another. For example, on January 24, the People's Bank of China solicited public comments on the "Announcement on Further Supporting Foreign Institutional Investors to Carry out Bond Repurchase Business in the Interbank Bond Market (Draft for Comments)".
Of course, opening up the financial sector to the outside world will not happen overnight. Some foreign-funded financial institutions have pointed out that in this process, it is necessary to gradually establish a sound regulatory system to ensure the fairness, transparency and stability of the market. While promoting the opening up of the financial sector, China has continuously improved the regulatory system, strengthened the prudential supervision of financial institutions, prevented and resolved financial risks, and ensured the healthy and stable development of the financial market.