Breakthrough in the opening of China's financial industry

2019-04-26 11:16:50 冠淇科技

At the second “One Belt, One Road” International Cooperation Summit Forum Finance Forum, the People’s Bank of China Governor Yi Gang introduced new progress in financial support for the “Belt and Road” initiative, and the financial support system continued to improve and financing support. Increasingly market-oriented and diversified. According to statistics, Chinese financial institutions have provided more than $440 billion in funding for the “Belt and Road” construction. Among them, the RMB overseas fund business independently carried out by financial institutions has a scale of more than RMB 320 billion. China's capital market provides equity financing for related companies of more than 500 billion yuan, and countries and enterprises along the “Belt and Road” issue more than 65 billion yuan in panda bonds in China.


In recent years, China's financial industry has made breakthroughs in its opening up. In the opening of the financial services industry, foreign financial institutions have made significant progress in entering the Chinese market. For example, UBS's shareholding in UBS Securities increased to 51%, achieving absolute control; Allianz (China) Insurance was approved to be established, becoming China's first foreign insurance holding company; US S&P was allowed to enter China's credit rating market; American Express has initiated the establishment of a joint venture company in China, and the application for the preparation of the bank card clearing institution has been reviewed and approved.


In terms of opening up financial markets, China continues to promote the opening of the bond market, stock market, and financial derivatives markets in accordance with international standards, expand channels for cross-border investment and financing, and improve relevant institutional arrangements. The openness, competitiveness and influence of China's financial market have been continuously improved, and it has been widely recognized and recognized by the international market. In 2018, foreign investors invested in the Chinese bond market increased by nearly 600 billion yuan, and the current total amount reached about 1.8 trillion yuan.


The reform of the RMB exchange rate formation mechanism is also effectively promoted. China adheres to the principle of marketization and constantly improves its market-based supply and demand, with reference to a basket of currencies for regulation and a managed floating exchange rate system. The central bank has basically withdrawn from the daily intervention in the foreign exchange market. The flexibility of the RMB exchange rate has been continuously enhanced. Market players are increasingly adapting to the floating RMB exchange rate.


The person in charge of the People's Bank of China said that the opening up of the financial industry is an important part of China's opening up pattern. Expanding the opening up of the financial industry is China's independent choice. This is not only the need for the development of the financial industry itself, but also the inherent requirement for deepening the structural reform of the financial supply side and achieving high-quality economic development.