China well positioned to further open banking and insurance

By Zhang Liying
0 Comment(s)Print E-mail China.org.cn, May 20, 2018
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Chen Wenhui, vice chairman of China Banking and Insurance Regulatory Commission (CBIRC), said that China is well positioned to further open up banking and insurance in Beijing on Saturday.

Chen Wenhui, vice chairman of China Banking and Insurance Regulatory Commission, speaks at the 2018 Tsinghua PBCSF Global Finance Forum in Beijing on May 19, 2018. [Photo courtesy of the 2018 Tsinghua PBCSF Global Finance Forum]

He made the remark at the 2018 Tsinghua PBCSF Global Finance Forum, an annual event organized by the People's Bank of China School of Finance (PBCSF) at Tsinghua University.

Chen said that China has built up impressive overall strength in the banking and insurance sectors, with the largest total banking assets and the second highest premium revenues in the world.

He said that China has greater say in the formulation of international financial rules. According to the regulatory official, China holds the most seats, if Hong Kong is included, on the Financial Stability Board, an international body that monitors and makes recommendations about the global financial system.

Chen added that China's regulations over banking and insurance have gained international recognition, as evidenced by praise from the International Monetary Fund and the World Bank in their assessment of member countries' financial stability.

The 2018 Tsinghua PBCSF Global Finance Forum opens in Beijing on May 19, 2018. [Photo courtesy of the 2018 Tsinghua PBCSF Global Finance Forum]

He said that increasing openness in China's banking and insurance will enhance the fairness and transparency of its financial market.

The endeavor will also improve the distribution of financial resources so that the two sectors can better serve China's real economy, he said.

As for the measures, Chen said that CBIRC will ease restrictions on the establishment of foreign financial institutions in China, adjust relevant regulatory rules and expand the business scope of foreign-funded banks.

He also highlighted the importance of striking a balance between preventing risks and increasing openness, saying that regulatory rules and systems will be improved.

The opening-up of China's banking and insurance sectors must be pushed forward in a careful manner and on the basis of equality and mutual benefits, he said.

With the the theme of "Financial Reform, Opening-Up and Stability in the New Era," this year's Tsinghua PBCSF Global Finance Forum has attracted thousands of participants from political, business and academic communities to exchanges views on the opportunities and challenges of the financial sector.


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