China News Agency, Beijing, May 29 (Reporter Xia Bin) Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission, revealed when attending the 2021 spring meeting of the International Financial Forum in Beijing on the 29th that since 2018, China’s financial sector has launched more than 50 openings. Measures to substantially relax the restrictions on the foreign shareholding ratio of the financial industry, broaden the areas of cooperation in the Chinese and foreign financial markets, and approved the establishment of more than 100 new foreign-funded bancassurance institutions.
On May 29th, Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission, revealed when attending the 2021 spring meeting of the International Financial Forum in Beijing that since 2018, China’s financial sector has introduced more than 50 opening-up measures, significantly relaxing restrictions on foreign equity in the financial industry. , To broaden the areas of cooperation between Chinese and foreign financial markets, and a total of more than 100 foreign-funded bancassurance institutions of various types have been approved.
Photo by China News Agency reporter Hou Yu
Liang Tao said that a group of international professional institutions with leading positions in wealth management, commercial insurance, and credit ratings have entered the Chinese market through sole proprietorship, holding or equity participation, and foreign institutions have significantly increased their enthusiasm for investing in the Chinese financial market.
He also said that China's financial leverage ratio has dropped significantly, the blind expansion of financial assets has been fundamentally reversed, the identification and disposal of non-performing assets in the banking industry has made great strides, and shadow banking has been dismantled in an orderly manner.
Financial illegal and criminal acts have been severely punished, external risk shocks have been responded to in a timely and effective manner, the bubble of real estate finance has been curbed, and the incremental risks of hidden debts of local governments have been basically controlled.
Talking about the challenges faced by the global economic recovery, Liang Tao said that the international financial market is volatile. With the recovery of the real economy, expectations of market inflation and the monetary policy of developed economies are heating up, financial market volatility has increased, and vulnerabilities have increased.
To this end, he suggested deepening anti-epidemic cooperation and strengthening policy coordination; focusing on "carbon peak and carbon neutrality" to promote sustainable development; strengthening financial supervision cooperation to jointly prevent financial risks; practicing multilateralism and improving global economic governance.
(Finish)