China expands opening-up of financial industry

China is committed to sharing development opportunities with the rest of the world and will continue to expand the opening-up of the financial industry, Li Yunze, head of the National Financial Regulatory Administration said on Wednesday at the Annual Conference of Financial Street Forum 2023.

"Over the past few years, China has been actively aligning with international rules and has further enhanced a series of regulatory rules. We have just comprehensively revised the regulations respectively on asset risk categorization and capital management of commercial banks recently," Li said.

"China will further expand the market entry for foreign institutions and enhance the transparency, stability and predictability of its financial system and policies, thus providing an institutional environment for prudent operations and fair competition," he added.