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Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
The National Financial Regulatory Administration in Beijing, China, May 26, 2023. /CFP
China will steadily expand the institutional opening-up of its financial sector, said the National Financial Regulatory Administration (NFRA) on Saturday.
The NFRA emphasized on better coordinating the relationship between financial opening-up and financial security. The financial regulator said it supports foreign-funded institutions with exceptional expertise, particularly in the field of wealth management, elderly care and health care, and non-performing asset management, to conduct business in the country.
China will fully leverage on the advantages of its ultra-large market and pool high-quality financial resources globally, it added.
The administration reiterated the significance of effectively preventing and defusing major financial risks, while guarding against systemic financial risks. China will step up reform of small and medium-sized financial institutions, actively defuse local government debt risks, and optimize financial regulation in the real estate sector, said the NFRA.
Meanwhile, the NFRA will intensify supervision of the financial sector, and coordinate with relevant authorities to place all financial activities under oversight in accordance with the law.
In building China into a "financial superpower", the country will also continue to enhance the quality and efficiency of financial services for the real economy, with a focus on technology finance, green finance, inclusive finance, pension finance, and digital finance.
(With input from Xinhua)