China's central bank chief pledges enhanced risk management

World
Europe

18:50

China will continue its reform of the financial sector and opening-up of the economy as well as further enhance risk management, the country's central bank governor said on Sunday.

Eleven financial opening-up measures covering banking and insurance were introduced last year and most were implemented, People's Bank of China (PBOC) head Yi Gang said in a speech to the China Development Forum (CDF).

China has opened its market to more foreign institutions and has made remarkable progress in this regard, Yi said. The country has also expanded channels for investment and financing.

China's central bank governor Yi Gang speaks at the China Development Forum (CDF) on Sunday. / VCG Photo

UBS, for example, officially became the first global financial institution to gain a majority stake in its mainland securities joint venture. Allianz became the first fully-owned foreign insurance firm in China, and the S&P Global has gained access to China's credit rating market, according to Yi. Chinese A-shares were successfully included into global indexers MSCI and FTSE Russell last year.

Yi Gang revealed that China had effectively curbed shadow-banking risks. And, this year, one of the key tasks is to come up with more solutions to effectively defuse risks and provide sufficient hedging tools.