China opens up securities, insurance and banking sectors

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By CGTN's World Insight

At this years Boao Forum for Asia, Chinese President Xi Jinping promised to open China's securities, insurance and banking sectors to overseas investors.

CGTN's Tian Wei speaks to Fang Xinghai, vice chairman of the China Securities Regulatory Commission, on how can this move helps reshape China's financial industry.

"Once they are implemented, the Chinese financial sector will be much stronger, vibrant and international," said Fang. He continued that, "if we continue in that direction, I think China's financial sector can change the landscape of the world financial market."

Fang added, the opening-up also brings stability, "because it brings more capital that increases the stability, brings in more sophisticated practices that bring instability." And seeing the issue from two sides, Fang proceeded, "of course, it also brings in a lot of speculative, perhaps activities that will increase the risk. So we always make sure that financial sector in China can progress stably."

China now is in an excellent position to achieve stability. The government is quite stable and always takes preventative, pre-emptive actions promptly or in a way that is entirely decisive.

"If you look at the past 40 years, China is perhaps the only developing country that has completely avoided the big financial crash, we have instability, but we have avoided the financial crash, that is not a small achievement," said Fang.

World Insight with Tian Wei is a 45-minute global affairs and debate show on CGTN. It airs weekdays at 10:15 p.m. BJT (1415GMT), with rebroadcasts at 4:15 a.m. BJT (2015GMT).