Moving on to the Boao Forum for Asia, which is in its final day. World leaders and business elites have been sharing their views on subjects ranging from monetary policy and artificial intelligence to tax reform. And central bank governor Yi Gang, also announced the timetable and measures for the opening up of China's financial industry. Gary Anglebrandt has more.

Measures to opening up the financial sector will be implemented in the next couple of months. One of them is a change in shareholding limits on foreign-funded banks.

YI GANG GOVERNOR, PEOPLE'S BANK OF CHINA "We will abolish the shareholding limits of foreign-funded banks and financial asset management firms, giving them the same treatment as domestic banks. Foreign banks will be allowed to set up branches and subsidiaries at the same time."

There also will be new measures for the trading of securities.

YI GANG GOVERNOR, PEOPLE'S BANK OF CHINA "The shareholding cap will be lifted to 51 percent for foreign firms of securities, funds, futures, and life insurance. And the cap will be completely removed in three years. We no longer require that foreign securities firms must have at least one Chinese securities company as a shareholder. To further improve the stock connection mechanism between the mainland and Hong Kong, we will quadruple the daily quota for stock trading under the mechanism."

For the insurance industry, China will attract more qualified foreign investors.

YI GANG GOVERNOR, PEOPLE'S BANK OF CHINA "Qualified foreign investors will be allowed to engage in insurance agent and assessment businesses in China. We will allow foreign insurance brokerages to expand their business scope to the same level as Chinese firms."

China is also encouraging foreign investment in trusts, financial leasing and consumer finance. According to the central bank governor, these new measures will be launched by the end of this year. Gary Anglebrandt, CGTN.