The opening up of the financial industry has accelerated significantly (opening up and moving forward)
Significantly relax the access of foreign financial institutions, steadily promote the opening of the financial market, and cancel the access restrictions in the fields of corporate credit rating, credit rating, payment and settlement... In recent years, my country’s financial industry has firmly promoted a higher level of opening up, and a series of expansions The implementation of opening-up measures for the financial industry has provided solid support for high-quality economic development.
Since 2018, the China Banking and Insurance Regulatory Commission has approved foreign banks and insurance companies to establish nearly 100 various institutions in China
American Express has "China Red". On August 6, China Minsheng Bank, Shanghai Pudong Development Bank, Ping An Bank, China Guangfa Bank and other domestic financial institutions announced the official issuance of the first batch of American Express-branded RMB credit cards "American Express Red Card". The high-value "China Red" is matched with the United States. The classic "centurion portrait" of American Express has made the "Yaohong Card" continue to be popular as soon as it is listed.
On June 13, the People’s Bank of China issued a bank card clearing business license to Connect (a joint venture company initiated and established by American Express in my country). This is another concrete measure to expand the opening up of my country’s financial industry, which is conducive to improving my country’s payment The level of clearing services and the internationalization of the renminbi provide financial consumers with diversified payment services.
"This is a historic moment, which means that our long-term development strategy has taken an important step forward. We will provide better services for global card members and corporate customers in China, and look forward to winning the majority of Chinese consumers, enterprises and The favor of merchants." Shi Kairui, Chairman and CEO of American Express, said happily.
Since 2018, under the overall coordination of the Financial Commission of the State Council, the People's Bank of China, the China Banking and Insurance Regulatory Commission and other departments have successively announced and promoted the implementation of more than 50 specific opening measures, and the opening up of my country's financial industry has been significantly accelerated.
-Significantly relax the access of foreign financial institutions. Completely remove restrictions on the proportion of foreign shares held in the fields of banking, securities, fund management, futures, and personal insurance, greatly expand the business scope of foreign financial institutions, and reduce restrictions on asset scale, operating life, and shareholder qualifications.
- Steadily promote the opening of the financial market. Completely abolish the investment quota restrictions for Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII). Relax the restrictions on the remittance ratio of domestic and foreign currencies by foreign institutional investors, and launch a pilot program of "cross-border financial management" in the Guangdong-Hong Kong-Macao Greater Bay Area.
—— The internationalization of RMB shows a good momentum. In the first half of this year, RMB cross-border receipts and payments amounted to 12.7 trillion yuan, a year-on-year increase of 36.7%, accounting for 45% of domestic and foreign currency cross-border receipts and payments. The RMB has become my country’s second largest cross-border receipts and payments currency for eight consecutive years.
Statistics show that since 2018, the China Banking and Insurance Regulatory Commission has approved foreign banks and insurance companies to establish nearly 100 institutions of various types in China. "Although the current international environment has undergone major changes, this will not change the general trend of our opening to the outside world. During the epidemic prevention and control period, the continuous foreign financial institutions to settle in China is a good proof that China's financial industry's policy of opening to the outside world remains the same." Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission, said.
Promote reform and development through opening up
Openness brings progress, and closure inevitably lags behind. Expanding high-level opening to the outside world is not only a requirement for the development of the financial industry itself, but also an inevitable requirement for promoting the high-quality development of the Chinese economy.
——Introducing a competition mechanism to promote the high-quality development of the financial industry.
At the Oriental International Enterprise Center on Xinjinqiao Road, Pudong, Shanghai, a group of business people are learning professional financial planning courses around foreign teachers. In March last year, with the help of the opening up of China's financial industry, the Swiss Wealth Management Professional Training Center, invested by the Swiss Financial Planning and Business School, officially opened in the Shanghai Free Trade Zone and is favored by many domestic financial institutions. "We hope to provide a window for Chinese financial institutions to explore the traditions and expertise of the Swiss wealth management industry." said Felix Horach, Dean of the Swiss School of Financial Planning and Business.
The entry of foreign financial institutions into the Chinese market is a challenge and an opportunity for domestic financial institutions. "Foreign banks and insurance companies have injected fresh blood into my country's financial industry, effectively exerting the'catfish effect' and promoting the competitiveness of the banking and insurance industries." said Cheng Shi, chief economist of ICBC International.
——Improve service levels and create a better financial environment for the development of the real economy.
On May 21, Guangzhou Xiaoma Zhixing Technology Co., Ltd. registered the foreign debt contract with the Guangdong Branch of the State Administration of Foreign Exchange, and successfully integrated a total of 5 million US dollars in low-cost funds with a loan period of 5 years. It is the pilot policy of expanding the foreign debt facilitation quota in March this year to help enterprises achieve low-cost financing.
Since the beginning of this year, the People’s Bank of China, the State Administration of Foreign Exchange and other relevant departments have launched a series of policy measures to facilitate enterprises to make better use of international and domestic resources and two markets to raise funds through multiple channels. More and more industrial enterprises are going to the international market for financing. .
——Promote cross-border trade and support Chinese enterprises to expand international markets.
In May of this year, Baosteel Co., Ltd., a subsidiary of China Baowu Iron and Steel Group, and Australia's Rio Tinto Group completed the first RMB cross-border settlement using blockchain technology. So far, China Baowu and the world’s three major iron ore suppliers have been The RMB cross-border settlement of iron ore transactions has been realized.
"Choosing to use RMB for cross-border settlement can avoid exchange rate risks, reduce foreign exchange costs, simplify the procedures caused by foreign currency settlement, shorten the payment cycle, and help companies to better expand the international market." said Dong Ximiao, a distinguished researcher of the National Finance and Development Laboratory. .
The opening up of the financial industry goes both ways. While "bringing in" American Express and other companies, my country UnionPay, a bank card organization in China, is also actively "going out." At present, about 90 UnionPay standard electronic wallet products have been launched in 14 markets outside China, and more than 5 million merchants overseas can accept UnionPay mobile QuickPass or UnionPay QR code.
Actively and orderly expand the high-level opening of the financial industry
Since the outbreak of the new crown pneumonia epidemic, my country has coordinated the promotion of epidemic prevention and control and economic and social development, and the implementation of financial industry opening measures has not stopped and continued to advance.
The "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a More Complete System and Mechanism for the Market-based Allocation of Factors" published in April this year clearly stated that the internationalization of the RMB and the convertibility of the RMB under capital account should be steadily promoted. Gradually promote the two-way opening of the securities and fund industries to the outside world, and promote the orderly opening of the futures market. Gradually relax the access conditions for foreign-funded financial institutions, and promote the participation of domestic financial institutions in international financial market transactions.
"The opening of the financial industry is an important part of China's opening-up pattern. We will continue to adhere to the principles of internationalization, marketization, and rule of law, and actively and orderly expand the high-level opening of the financial industry." said Liu Guoqiang, vice president of the People's Bank of China. In the next phase, the financial sector will ensure the implementation of all announced opening measures, promote the full implementation of the pre-access national treatment plus negative list management system, and achieve institutional and systematic opening. At the same time, pay more attention to risk prevention and control, strengthen macro-prudential management, improve the risk prevention and control system, combine China's national conditions, and refer to international best practices, improve regulatory standards, accounting standards and other systems and arrangements, so as to improve regulatory capabilities and openness Adapt.
Our reporter Wu Qiuyu