Here's a look at how China's financial sector has opened up over the past 40 years.

The first phase of China opening up its financial sector dates from 1978 to 1993. Japan's Export and Import Bank was the first foreign bank to set up a representative office in China in 1979. The number of foreign banks in China expanded to 76 by 1993. The second phase of financial opening up is from 1994 to 2001. Foreign banks were allowed to conduct RMB business in pilot cities and to participate in China's inter-bank lending market. Global insurers also entered China during this time, creating joint-ventures with Chinese partners. However, at this time, China's securities sector was still closed to foreign investment. The third phase began in 2002 and have been ongoing since. Now, foreign banks can conduct RMB business in every Chinese city and can participate in the interbank bond market. Foreign investors gained a foothold in China's equity market with the roll-out of the Qualified Foreign Institutional Investors program in 2003. The stock and bond connect programs between the Chinese Mainland and Hong Kong further opened China's securities market.