Reform is not a new word for China but the concept never goes out of fashion on this soil.

"Strong Reform Agenda" – that's how the World Bank this year described China's performance with its economy and finance recently. Years of reforms have contributed to constant economic development.

Changes in the economy have drawn attention worldwide as China marks its 41st anniversary of reform and opening-up.

During the first Bund Summit in Shanghai, executive chair of the organizing committee Tu Guangshao stated that China has accelerated its financial opening-up, offering enormous opportunities for global partners and injecting vitality for further reform.

China has spent years launching a series of financial opening-up policies.

At the end of 2017, market access standards for foreign banks were further unified. In 2018, China cancelled restrictions on the proportion of foreign shares in the banking industry. Then in 2019, 12 new measures were taken to open the banking industry and 11 measures were set for opening up the financial industry to the outside world.

Moreover, chief executive Peter Wong from HSBC Asia Pacific added that the most important thing is to allow foreign banks to have more deposits, because as far as the capital is concerned, there is no lack of capital. We can put capital into the country very easily, but the one thing that the foreign banks lack is actual liquidity. Without liquidity it is very hard to do lending.

The highlights of China's reforms on opening up its economy and finance:

1. Cancelling quota limits on two cross-border investment schemes: The Qualified Foreign Financial Institutional Investor (QFII) and Renminbi Qualified Foreign Financial Institutional Investor (RQFII);

2. Simplifying exporting and importing by implementing advance cargo declarations, upgrading port infrastructure, optimizing customs administration and publishing fee schedules.

WTO's deputy director-general Yi Xiaozhun underlined China's commitment to opening-up and reform has brought huge contribution to the world.

In addition, China is now making efforts to help foreign businesses operate locally and be treated equally.

Specifically, China announced canceling foreign ownership limits in major parts of the financial industry while more measures are introduced serving preparatory work ahead of China's new foreign investment law that encourages more foreign business organizations.

As China's vice minister of commerce Wang Shouwen pointed out, China will continue to reduce the negative list of foreign investment access across the country and in the pilot Free Trade Zone, reduce the cost of cross-border capital use, optimize the innovation service of foreign-funded enterprises and fully implement the Foreign Investment Law.

A "stable, fair, transparent and predictable" business environment is what China promises and provides to the world while the entrance of overseas businesses could help the country's individuals and companies get better access to global markets.

The reform is local, however the benefits are global.

Now, a deeply reforming and opening-up market is gathering increasing interest among overseas investors. Experts believe both China and the rest of the world can benefit more as reforms and collaborations continue.