(2020 Service Trade Fair) "International Model" Full Service Trade Fair opens a new window for China's financial opening

　　China News Service, Beijing, September 2 (Reporter Wang Enbo) The opening of the China International Trade in Services Fair is about to open. In recent years, China's financial industry, which has become increasingly "international", will usher in a new window of opening up.

　　For a period of time, China has continuously adjusted the timetable for financial opening up, and the entry barrier for foreign investment has gradually decreased.

According to statistics, since 2018, the authorities have successively introduced 34 opening-up measures for the banking and insurance industry.

At present, the revision of relevant laws and regulations has been basically completed, and the supervision process has been continuously improved, and the approval speed has been greatly accelerated.

The number of new foreign-funded institutions in China has increased significantly, especially a number of specialized institutions have landed.

　　According to information provided by the China Banking and Insurance Regulatory Commission, since 2018, the institution has approved foreign banks and insurance companies to establish nearly 100 institutions of various types in China, including insurance companies and wealth management companies that are wholly foreign-owned or controlled.

　　In the first half of this year, the epidemic also failed to block the entry of world-renowned high-quality foreign financial institutions into the Chinese market.

For example, BlackRock Financial Management Co., Ltd. of the United States and CCB Wealth Management Co., Ltd., and Fullerton Management Co., Ltd., a subsidiary of Temasek in Singapore, jointly established a foreign-controlled BlackRock Financial Management Co., Ltd. in Shanghai; and Anda Insurance Group increased its holdings Huatai Insurance Group shares to 46.2%, becoming its largest shareholder.

　　China's continued expansion of the opening up of the financial service industry stems from its own internal demand for deepening financial supply-side reforms and achieving steady economic growth.

　　The analysis believes that the current competition in some areas of China's financial industry is still insufficient, and the quality and efficiency of services need to keep up with the pace of economic development.

The steady and orderly opening of the financial service industry will inject fresh blood into various fields and play the "catfish effect" to promote industry competition.

The advanced international experience brought by high-quality foreign institutions will also help China's financial industry to find and fill gaps.

　　At the same time, the advantages of China's large-scale financial market with complete categories and complete functions make it impossible for global investors to give up.

　　As of the end of 2019, the RMB credit balance exceeded 150 trillion yuan (RMB, the same below), ranking first in the world; the market value of China’s stock market exceeded 60 trillion yuan, and the bond market custody balance was nearly 100 trillion yuan, ranking first in the world. two.

Continuing to expand the opening up of the financial service industry will promote the full integration of China and the international market, allowing all parties to share opportunities and dividends.

　　In this context, the Financial Services Special Exhibition, one of the eight thematic exhibitions of this session of the Service Trade Fair, can be described as an "international model".

According to reports, the exhibition area covers an area of ​​6,555 square meters, and more than 100 financial institutions and enterprises from home and abroad will be invited to participate in the online and offline exhibitions, among which many foreign institutions will make their debut.

Many forums will be held during the exhibition, and experts and scholars from global financial institutions and international financial organizations will be invited to attend.

　　The major exhibitors are even more prepared.

For example, as one of the first foreign financial institutions to enter China's A-share market, UBS will integrate a number of entities in China for the first time in the Mainland, including securities, banks, asset management, and business solution centers.

　　Jin Hongyi, head of UBS Asia Pacific Investment Banking and China President, told reporters that the further opening of China's financial industry is a major opportunity for its business in China.

"Through this service trade fair, UBS hopes to demonstrate that we are not only a participant and beneficiary of China's capital market, but also a builder."

　　As one of the first foreign-funded corporate banks approved to be established, the Bank of East Asia (China) Co., Ltd. also hopes to use this conference to "add firewood" to the liberalization and facilitation of service trade and investment.

　　He Shunhua, Executive Director and President of East Asia China, said that as a bank from Hong Kong, the institution enjoys unique advantages in the areas of Guangdong-Hong Kong-Macao cooperation, cross-border and trade finance, and will make full use of its extensive overseas market network to strengthen domestic and foreign linkages. Help mainland enterprises go out, help overseas enterprises come in, and promote the innovative development of service trade.

　　It can be foreseen that this service trade fair will not only become another important window for foreign financial institutions to enter the Chinese market, but also build an excellent platform for international trade cooperation and exchange in financial services.

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