Financial regulators reiterate opening-up, enhancing contacts with market

China's financial regulators have reiterated their opening-up commitment and vowed to enhance communication with the market, highlighting Chinese policymakers' strengthened emphasis on consolidating capital market investor confidence amid elevated external uncertainties.

The People's Bank of China, the country's central bank, held a meeting on the development of foreign financial institutions on Wednesday, gathering opinions and suggestions from foreign financial institutions to further improve the business environment and promote high-level financial opening-up.

During the meeting, PBOC Governor Pan Gongsheng said the central bank will maintain an accommodative monetary policy, enhance communication with the market, expand connectivity between domestic and international markets and promote institutional opening-up of both the financial service sector as well as the financial market.

Pan added that the central bank will strike a balance between the speed and quality of economic growth, between domestic and external considerations, and between investment and consumption.

Representatives from 11 foreign financial institutions, including US banks JPMorgan Chase and Morgan Stanley, shared their perspectives during the meeting, according to a central bank statement on Thursday. Other participating financial institutions included HSBC, Standard Chartered Bank, Citibank and Societe Generale, among others.

On Thursday, Li Ming, vice-chairman of the China Securities Regulatory Commission, also said that the commission will implement measures to reform and open up the capital market and increase the investment value of the A-share market.

Li said at an event that the commission will support the launch of more cross-border exchange-traded fund products, enhance the programs of depositary receipt connectivity and expand overseas listing channels.