A Chinese central bank official called for further opening up for the financial sector to boost growth as the second-largest economy increasingly focuses on domestic activities.
Liu Guiping, the vice-governor of the People’s Bank of China, called for greater opening of the mainland’s financial sector at a forum over the weekend.
Cao Yu, the vice-chairman of the China Banking and Insurance Regulatory Commission, echoed Liu’s call and added regulatory consistency was critical between local and foreign firms as well as state-owned and privately owned enterprises.
«We need to keep the supervisory regulations transparent and maintain the consistency of regulation criteria, to both Chinese and foreign-funded institutions, and both state-owned and private enterprises,» Cao said at the same forum.
«Dual Circulation»
According to Liu, further opening of the industry will contribute to China’s «dual circulation» strategy of economic development where domestic activities act as the main driver, supplemented by international activities.
Recently examples of further foreign entrance include Pictet Asset Management, which opened a Shanghai office with a focus initially on raising funds for its offshore investment strategies. Invesco also set a target of reaching $100 billion in Chinese client assets by 2023 alongside its pursuit to obtain majority ownership in its onshore asset management joint venture.
