10月23日早间英文播报：Financial areas to open up with high standards

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A staffmember counts Chinese currency renminbi at a bank in Linyi, East China's Shandongprovince. [Photo/Xinhua]

Banking, insurance, securities are amongsectors that will see more global participants

Seniorofficials pledged on Wednesday to introduce more foreign participation in thenation's financial sector and keep the macroeconomic policy stable,contributing more to global economic and financial stability.

Chinawill forge ahead with all-around opening-up in the financial industry andcreate a fair environment for competition, ushering more global participantsinto banking, insurance, securities, asset management and other sectors,Vice-Premier Liu He said on Wednesday.

"Anew round of development and opening-up with higher standards "will startin the financial system in the 14th Five-Year Plan (2021-25) period, Liu saidat the opening of the Annual Conference of Financial Street Forum 2020 inBeijing.

Liuunderscored the importance of strengthening international cooperation,improving global economic governance and promoting financial deepening amid theCOVID-19 pandemic.

Topfinancial regulators at the conference said foreign competitors would helpimprove the country's financial resources and align domestic rules more closelywith international practices.

China hasrolled out dozens of measures to open up the sector in recent years,substantially raising foreign ownership caps and expanding the business scopeof foreign institutions, said Guo Shuqing, chairman of the China Banking andInsurance Regulatory Commission, the top banking and insurance regulator.

Theresult has been the establishment of China's first wholly foreign-investedinsurance holding company and life insurer, as well as the firstforeign-controlled wealth management company, Guo said at the conference.

Thecommission will further improve regulations to deepen opening-up and sharpenthe country's financial competitiveness while safeguarding financial security,he said.

"Wewill steadily push ahead rule-based capital market opening-up," said YiHuiman, chairman of the China Securities Regulatory Commission, the topsecurities watchdog, adding that the commission will refer to mature marketpractices when improving fundamental rules of the capital market.

Thecommission will improve the capital market's institutional framework, withmarket-oriented reform of initial public offerings as a key focus, work tostreamline and unify the channels for foreign capital to take part in domesticmarkets, and further open the futures and bond markets, Yi said.

Vice-PremierLiu also called for maintaining the stability of the country's monetary policyand keeping market liquidity reasonably ample, adding that it is important tostrengthen international macro policy coordination to promote global recovery.

Yi Gang,governor of the People's Bank of China, the central bank, said at theconference that China will maintain a prudent monetary policy and improve thestructural financial policies for mitigating the impact of the COVID-19pandemic in order to achieve growth targets for the year as a whole.

Thecentral bank governor forecast positive GDP growth this year, based on therobust economic recovery in the third quarter, although uncertainties stillexist due to the pandemic.

"Somepolicies have completed their temporary missions, but some measures, especiallyfor supporting small, micro and private companies and stabilizing employmentand green development, must continue in order to facilitate the nation'sdual-circulation development pattern," he said.

Thedual-circulation pattern means relying more on the domestic economy to drivegrowth while the domestic and foreign markets complement each other.

Prudentmonetary policy will be more flexible and targeted, to balance growth stabilityand risk control. China will sustain conventional monetary policies as long aspossible, and policies beneficial for the sustainable growth of the economy andsociety, while facilitating the competitiveness of renminbi-denominated assetsin the global market, he added.

Yi alsosaid he expected a stable debt-to-GDP ratio in the next year, as GDP growthcontinually accelerates and the overall money supply remains reasonable forrisk control.

Du Juancontributed to this story.

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记者：周兰序、陈佳

播报：AndrewPasek

音频编辑：万月英

原文链接：

http://www.chinadaily.com.cn/a/202010/22/WS5f90be27a31024ad0ba80213.html