CBIRC published a summary of the forum held on foreign banks and insurance institutions. On this occasion, CBIRC discussed the opening-up policy for the banking and insurance sectors in China. In accordance with the general requirement of "sooner rather than later, faster or slower," 34 banking and insurance measures have been introduced in the past two years. It was emphasized that the pace of financial sector opening to higher levels will not stagnate.
The liberalization measures have enriched the commercial presence of foreign institutions in China, expanded their business scope, optimized regulatory rules, and relaxed restrictions on foreign investment access and shareholding ratios. A comprehensive, multi-layered, and wide-ranging open structure of the banking insurance industry has basically taken shape. CBIRC will further deepen reform, expand opening up, and promote the high-quality development of the banking and insurance industry in the following ways:
- The first is to speed up the improvement of laws, regulations, and supporting systems; ensure that the opening measures are effective, and provide convenience for foreign financial institutions to operate in China.
- The second is to continue to deepen the structural reform of the financial supply side and promote sound competition and cooperation between Chinese and foreign institutions at a higher level.
- The third is to create a world-class business environment; build a policy environment that is in line with the international standards, consistent internally and externally, open and transparent, stable, and predictable; listen carefully to market voices; and help foreign financial institutions resolve their reasonable issues.
- The fourth is to "keep the bottom line of risk," adapt to the new pattern of two-way opening of finance, advance the modernization of financial supervision and governance system and governance capabilities, deepen cross-border supervision cooperation, and ensure that the door is opened and risks are managed.
Related Link (in Chinese): Press Release
Keywords: Asia Pacific, China, Banking, Insurance, Foreign Banks, Opening Up Policy, CBIRC
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