China to deepen financial reform, no matter how global situation changes: China’s Central Bank

Photo taken on March 13, 2018 shows the headquarters of the People’s Bank of China. Photo: Xinhua

No matter how the international situation changes, the most important thing for China is to do its own thing and unswervingly deepen the reform of the financial industry and open up to the outside world, Yi Gang, governor of the People’s Bank of China said on Sunday.

Yi said priority tasks include implementing the first phase China-US economic and trade agreement, and carry out financial reforms and opening-up measures announced in recent years, such as the removal of foreign equity restrictions in the fields of securities, fund management, futures, personal insurance, and investment quota restrictions for qualified foreign investors. 

China will also approve American Express, MasterCard, Fitch and other institutions to enter the Chinese market, said Yi.

China will continue to promote the full implementation of the pre-entry national treatment plus negative list management system, and unify the foreign exchange management policies for the bond market, Yi added.

“At present, the momentum of yuan internationalization is very good. We will continue to actively and steadily promote the internationalization of the yuan and the opening-up of capital account,” said Yi.

China’s push for further opening-up also comes at a time of global uncertainty amid the COVID-19 pandemic, an economic recession and US protectionism.

As the pandemic has been effectively controlled in China, the Chinese economy is  among the first to recover. In the second quarter, China’s GDP experienced a relatively strong rebound – growing by 3.2 percent year-on-year, making it the only major economy in the world to post positive growth.

The characteristics of China’s economic potential and resilience have not changed and China’s economic growth will continue to recover in the second half of the year, Yi said.

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