The People’s Bank of China has briefed the media on financial reforms and development on the sidelines of the NPC sessions as Chinese economy market continues its opening up along with the financial sector reforms. 

PBOC Governor Zhou Xiaochuan said China’s financial sector will be more open to other countries.

The central bank said it would take a differentiated tack on monetary policy this year to defuse financial risks and ensure funding for the real economy.

“It is a great progress for China’s financial sector. The regulation is adapted to existed financial business, because many crossing business should be equalization,” said Yang Zaiping, the secretary general of Asia Financial Cooperation Association.

“The essential of bolder financial reform, one is the market assets, will more open to foreign companies. Another one, China’s economy market, will open to domestic and abroad companies equitable,” Yang added.

On account of China’s financial market opening to the outside world, the competitive landscape will be much more different than before. Under the Belt and Road Initiative, the relations between foreign and domestic companies would be cooperation instead of competitions.

“In the past years, the companies have competed in capital or labor. After opening up for foreign institutions, competition will be specified, specialized and market orientated. Different institutions will focus on different industries. For instance, the foreign institutions will help multinationals for their global operations; the local will help companies for local funding,” said Wang Jianhui, the general manager of R&D department at Capital Securities.