China's financial sector will open door even wider: official

(ECNS) -- China’s financial sector will open its door wider, said Li Yunze, head of the National Financial Regulatory Administration (NFRA), on Tuesday at the Global Financial Leaders’ Investment Summit held in Hong Kong Special Administrative Region (HKSAR).

The NFRA firmly supports Hong Kong in consolidating and enhancing its role as an international financial center, said Li. It would give full support to Hong Kong to maintain financial prosperity and stability in the long term so as to realize better development in the overall development of China based on “one country, two systems”, he said.

According to Li, the NFRA would act in the following aspects: first, continuously enhancing the openness of the mainland’s financial sector to Hong Kong and Macao SARs; second, encouraging Chinese Mainland banks and insurance institutions to set up headquarters in Hong Kong; third, helping Hong Kong to build an international risk management center; fourth, deepening cooperation between the mainland and Hong Kong in pension finance; fifth, supporting Hong Kong in fostering the development of new quality productive forces and promoting in-depth cooperation between mainland and Hong Kong banking and insurance organizations in emerging areas such as green and low-carbon development and artificial intelligence; sixth, further improving the communication mechanism for financial supervision between the mainland and Hong Kong to jointly address risk challenges.

The NFRA will continue to deepen the reform and opening up of the financial industry, focus on creating a market-oriented, rule-of-law, internationalized business environment, and support foreign institutions in China to participate in China's financial market more comprehensively and deeply, Li added.

The Global Financial Leaders’ Investment Summit was held by the Hong Kong Monetary Authority.