SCIO briefing on government work report

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The Report on the Work of the Government proposes to pursue a higher-standard of opening up. Will the opening of the financial market and capital accounts, as well as RMB internationalization remain your focus this year? What other measures will you take, and will the pace of opening up be changed? Thank you.

Sun Guojun:

Thank you for your question. According to the fifth plenary session of the 19th CPC Central Committee, China will advance the internationalization of its RMB through prudent measures, adhere to market-driven policies and enterprises' independent choices, and build a new mutually beneficial and cooperative relationship based on the internationalization and free use of the RMB.

In recent years, China has taken steady steps to realize capital account convertibility and RMB internationalization and actively develop the open economy. At present, direct investment has opened relatively high, investment channels of cross-border securities have expanded, and restrictions on cross-border financing have significantly eased. Cross-border use of the RMB has continuously increased, and RMB assets have become more attractive. According to the IMF's latest data, the RMB is already the world's fifth-largest official reserve currency.

Next, we will implement the guiding principle of the fifth plenary session of the 19th CPC Central Committee and the Central Economic Work Conference, steadily promote the orderly opening of capital accounts, and take prudent measures to advance the internationalization of the RMB. Specifically speaking, we will serve the real economy, accelerate trade and investment liberalization and facilitation, optimize relevant policies on the use of the RMB, and strengthen infrastructure for RMB internationalization. We will pursue a high-quality and two-way opening of financial markets, facilitate an orderly two-way flow of cross-border capital, and foster the sound and coordinated development of domestic and foreign currencies as well as offshore and onshore markets. Thank you.

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