China's securities regulator pledges further capital market opening-up


China will further open up its capital market to the world, shifting from being partially open to full-scale institutional opening-up, an official with the country's top securities regulator said on Saturday.

While adhering to the direction of market-oriented, law-based and internationalized development, China will steadily ease cross-border investment and financing restrictions, pay more attention to deeper institution and rule alignment, and continue to enhance the predictability and stability of policies, said Fang Xinghai, vice chairman of the China Securities Regulatory Commission, at the second Bund Summit in Shanghai.

Opening-up and cooperation have always been the principle and direction of China's capital market since its establishment 30 years ago, said Fang, noting that foreign institutional investors gained a significantly larger share in the A-share market in recent years.

"This has fully reflected global investors' recognition of the prospects of the A-share market and China's economic development, and played a positive role in effectively dealing with the epidemic's impact and keeping the market stable," he said.

Fang pledged further opening-up of both the capital market and products as well as efforts to continue improving the level of openness for the industries of securities, funds and futures.

Fang also stressed the need to boost international regulatory cooperation. China will 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.

Meanwhile, China will strengthen supervision amid higher-level opening-up by improving cross-border capital flow monitoring and advancing cross-border regulatory cooperation and law enforcement mechanisms in terms of data reporting and investor protection, he said.

The second Bund Summit kicked off in Shanghai on Friday, with the theme "Crisis and Opportunities: New Finance and New Economy in a New Situation," bringing together government officials, financial industry insiders and academics from around the world to discuss topics concerning global economic transformation and China's financial opening-up, among others.

(With input from Xinhua)