China to further open its capital market
October 27, 2020 Category China News Round-up, Weekly
China will open its capital market wider to the world, shifting from being partially open to full-scale and institutional opening-up, Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission (CSRC), said in a speech at the second Bund Summit in Shanghai. China will steadily ease cross-border investment and financing restrictions, better align institutions and rules, and enhance the predictability and stability of policies, he added. Opening-up and cooperation has always been the principle and direction of China’s capital market since its establishment 30 years ago, according to Fang, who noted that foreign institutional investors have gained a significantly larger share in the A-share market in recent years. Fang pledged to further open-up both the capital market and products, and to continue improving the level of openness in the securities, funds and futures sectors. China will also work more closely with overseas regulators and international financial organizations and crack down on financial fraud in cross-border listings and securities issuance, he said.
Yi Gang, Governor of the People’s Bank of China (PBOC), said in a speech via video link that China will continue pushing forward the opening-up of the financial industry and create a market-oriented, law-based international business environment. The country is working toward full implementation of the “pre-establishment national treatment plus negative list” management system for foreign investment, he said, noting that coordinated efforts should be made to promote the opening-up of financial services, the reform of the yuan’s exchange rate formation mechanism, and the yuan’s internationalization. Vice President Wang Qishan stressed accelerating the establishment of a new development paradigm with domestic circulation as the mainstay and domestic and international circulation reinforcing each other, the Shanghai Daily reports.
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