China should further open up finance sector: PBOC official
Beijing
CHINA'S finance sector should open up further to support the "dual circulation" economic strategy and mitigate risks in the industry, a central bank official said.
More liberalisation in the financial sector would provide extra support to the real economy, according to Liu Guiping, vice-governor of the People's Bank of China (PBOC). He was speaking at a forum on Saturday organised by the China Finance Society.
China's "dual circulation" development strategy is one in which the domestic market becomes the main growth driver, supplemented by international demand.
Cao Yu, vice-chairman of the China Banking and Insurance Regulatory Commission, stressed the importance of supervision in the banking and insurance industries to protect consumers' interests and lessen financial risks. "We need to keep the supervisory regulations transparent and maintain the consistency of regulation criteria, to both Chinese and foreign-funded institutions, and both state-owned and private enterprises," the Securities Times cited Mr Cao as saying at the same forum.
In its quarterly policy implementation report released last week, the PBOC said China will improve financial risk prevention. It will also maintain normal monetary policy for as long as possible and keep the macro leverage ratio basically stable. BLOOMBERG
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
JPMorgan talking with investors about two synthetic risk transfers
HSBC says growing Chinese wealth fuels client investments in US
Money laundering accused Su Baolin to plead guilty after being handed 3 more charges
UBS flags 'serious' concern about new Swiss capital requirements
Lloyds bank says quarterly profits sink on higher costs
US seeks 36 months’ jail for Binance founder Zhao