China has been one of the world's most significant economies over the past 40 years, thanks to its ongoing reforms and opening-up, and the country has been keeping internationalizing its financial sector. 

An expert believed that China's financial market is still far from the ceiling as global competitors keep coming in, but it might be accompanied by more intensive competitions.

China made strides in liberalizing its financial services sector this year. That came as regulators allowed 51 percent foreign ownership, which was 49 percent in the past, in joint securities ventures and mutual fund companies. 

Foreign investors now will also be able to set up wholly-owned firms three years after the implementation of the joint ventures. Ownership limitations on foreign banks and asset management companies were removed and regulators promised to treat the firms the same as their Chinese counterparts. 

There are lots of room for competitors in the Chinese mainland market, according to John Gong, a professor at the University of International Business and Economics.

"There is more room for competitors. So I think these foreign companies, especially American companies, are very good at [the] financial sector. And they have been successful in Hong Kong, in South East Asia, in European markets. I think they are making enroll in [Chinese] mainland market," the Professor said.

But he also noted that the future competitions in China's financial sector would be very intense. “I think [the next] three [to] five years probably will not see a dramatic change. But over the long round, we are going to see more competition from these foreign companies. Take a look at insurances and commercial banks – they all have heavily profitable businesses. That means competition is probably not intensive enough,” he said.

“We are the largest cargo trade nation and second largest economy in the world. We can't close our door. Our companies and our banks are operating very well in the U.S. So America is definitely looking for something [in the Chinese market]. Reciprocal, so I think we are going to see more intense competition in this financial market,” Gong added.

He described Xi's keynote speech at the conference commemorating the 40th anniversary of China's reform and opening-up as “resounding and passionate”, adding that the market may be assured by that speech.

“It's a great and passionate speech. It also clarifies a lot of issues in my opinion. We have gone through a quite turmoil time. There are some confusions about where the country is going or whether [the] country's economic reform will continue… I think the market is probably comfortable to hear this,” the professor said.