With the China-US trade spat heating up, many worry that China's financial sector will suffer collateral damage, and even worse, close off and grow protective. But insiders at Financial Street Forum 2019 say there is NO WAY that opening up will stall , and steps to ensure that are already being taken. CGTN's Sun Ye reports.

With fears of rising protectionism threatening China's financial sector, those at Financial Street Forum 2019 say, don't worry about a thing.

LI YAN, DEPUTY DIRECTOR BEIJING MUNICIPAL BUREAU OF FINANCIAL WORK "Beijing will continue to open up in the financial sector. It aims to be the center of financial management. I want to assure international institutions of this. In fact, Beijing will be the first to pilot a range of measures that facilitates everything from capital account liberalization, RMB internationalization, to foreign exchange control."

Not to be swayed into opening up, but the trade conflict still looms large. Some in the US have suggested separating China from the US' financial market. And insiders warn that an escalation of sanctions will only backfire.

WAN ZHE, CHIEF ECONOMIST CHINA NATIONAL GOLD GROUP "Random use of sanctions and extreme administrative measures are not in anyone's best interest. If the US were to keep being the world's biggest, most reliable financial market, it should not act against the market. China will definitely stay open, for at this time, whoever closes off and becomes protective will surely lose in the critical time of structural transition."

SUN YE BEIJING "China's chief financial regulator recently announced plans to enhance the nation's opening up promising to scrap ownership caps for overseas banks in domestic financial centers, and scrap asset requirements for foreign banks to set up branches in China. And participants at the forum agree that even with the trade turmoil, China's financial opening up will continue and accelerate. SY,CGTN, BJ."