China will further open its financial industry, but maintaining stability is seen as a priority. This is according to the ongoing Tsinghua PBCSF Global Finance Forum in Beijing. Guan Xin has the details.

Under the theme of Financial reform, opening-up, and stability in the new era, the two day forum discussed the key challenges facing China's financial industry.

WU XIAOLING, DEAN TSINGHUA PBCSF "At the time of co-existence of prosperity and disorder, the shift of old and new dynamics, can China's financial industry progress in the process of deleveraging and risk-management? When innovation isn't coordinated with corporate governance, can China's financial industry remain competitive during further continued opening up? These challenges also have higher requirements on financial regulation."

How will China manage its next round of reforms in the financial sector? China's former central bank governor Zhou Xiaochuan shared his experiences in dealing with the 2008 financial crisis.

ZHOU XIAOCHUAN, VICE CHAIRMAN BOAO FORUM FOR ASIA "It's been 10 years since the break-out of 2008 financial crisis. We need to look at our economic and financial research and policy-making during the 10 years. What progress has been made, and what more needs to be studied. We have reached consensus that correcting the excessive positive feed-back of the economic and financial system, and introducing more negative feedbacks is an important measure to safeguard financial stability."

GUAN XIN BEIJING "As the world's second largest economy, China now faces a more complicated external environment. Participants say that maintaining financial stability is key in the new opening-up era."

Zhu Min, the former deputy director of the IMF said China should create an internationalized financial industry, and there is still a long way to go.

ZHU MIN, DEAN NATIONAL INSTITUTE OF FINANCIAL RESEARCH "China's new era requires new finance. Market competition pushed ahead financial market development, and further lays the foundation for all-round opening-up of the financial system. Only with a stable market, can we have all-around stability in capital accounts, RMB's convertibility, etc."

China recently announced a new round of measures to reform and liberalize the financial sector, including policies to encourage foreign investment, increasing cross-border capital flows, and regulations on wealth management products.

Guan Xin, CGTN.