China will continue to steadily expand institutional opening up in the financial sector and welcomes financial institutions from all countries to deepen their presence in the Chinese market and share in China's development opportunities, Chinese Vice Premier He Lifeng said on Wednesday.

He, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks while delivering a speech at the opening ceremony of the 2026 Lujiazui Forum in Shanghai.

Noting the accelerating evolution of major global changes unseen in a century, He said the world economy and global financial system are facing challenges.

China will remain firmly committed to the path of financial development with Chinese characteristics, without wavering or deviation, and will fully implement the priorities set out in the 15th Five-Year Plan (2026-2030), serve high-quality economic development and inject stability into the global economy, He said.

The Chinese vice premier emphasized that in the face of global development and governance challenges, the only viable path forward is one grounded in mutual respect, peaceful coexistence, and win-win cooperation based on international rules and multilateralism.

Noting China has in recent years adhered to the main line of strengthening risk prevention, enhancing regulatory oversight and promoting high-quality development in the financial sector, he said China will continuously improve its financial legal and regulatory framework and firmly safeguard national financial security.

China is willing to work with all parties to strengthen cooperation in global financial governance and jointly address risks and challenges, he said.

Highlighting that Shanghai brings together global financial resources and factors and its unique advantages as an international financial center are increasingly evident, He said China will support Shanghai in piloting and experimenting with the development of offshore finance, accelerate the building of Shanghai into a global allocation center for RMB assets and a risk management center, and enhance the facilitation of cross-border trade and investment.

Efforts will also be made to further enrich and improve financial products including credit, insurance, and bonds such as shipping insurance, and promote new breakthroughs and improvements in Shanghai's development as an international financial center.