China to be bolder in opening up financial sector: central bank governor

Xinhua

China will be bolder in opening up its financial sector, Zhou Xiaochuan, governor of the central bank, said on Friday.

"We have studied most of the policies and will look for opportunities to advance the progress," Zhou told a press conference on the sidelines of the annual session of the National People's Congress.

China will open up its financial sector to foreign investment through measures including making market entry standards the same for both Chinese and foreign banks.

China has made progress on currency convertibility in the past five years by introducing stock and bond connect programs between the Chinese mainland and Hong Kong, which are all part of the country's financial opening up, he said.

He also pointed out that the opening up of the financial sector includes not only widening market access for foreign investors, but also the global expansion of China's domestic financial institutions and promotion of global use of yuan.

"The globalization of the yuan will be a gradual process," he said, noting that the central bank will work to enhance connection between China's capital market and other markets, and at the same time push for the convertibility of capital accounts.

Meanwhile, granting equal treatment to both domestic and foreign investors does not mean loosening regulation, said Yi Gang, vice governor of the People's Bank of China, at the same occasion.

Foreign financial institutions will be under the same prudent regulation as Chinese ones to forestall risks and protect financial stability.