The openness of China’s financial markets to the rest of the world isn’t high, so there’s a lot of room for increased access, according to People’s Bank of China Governor Yi Gang.
Yi said foreign financial services institutions should be treated the same as domestic ones in terms of shareholding proportions, scope of business and licenses. Speaking at a forum in Beijing on Sunday, he said the central bank will focus on providing more hedging tools in 2019 to help investors manage risks.
Officials made repeated pledges at the China Development Forum over the weekend to open up more of the economy to foreign companies and ensure a level playing field with domestic firms. The government is also seeking to bring foreign expertise and capital into play at a time of slowing economic growth, high debt levels and concerns about long-term financial stability.