Standard Chartered hails China’s opening-up progress
China’s active measures to further open up the banking sector and streamline administration offer great encouragement for foreign banks, Standard Chartered told the Global Times on Wednesday.
By taking advantage of the favorable policies, Standard Chartered hopes to seize opportunities brought about by the country’s reform and opening-up, it said in a statement sent to the Global Times.
Steadily promoting the yuan’s internationalization, offering financial support for the Belt and Road initiative and the opening of the country’s interbank bond market are examples of China’s financial opening-up, the bank said, adding that international financial institutions can cooperate with their Chinese counterparts, regional development banks and multilateral institutions.
China has promised to open its doors wider to foreign investors and to further liberalize and facilitate trade and investment, Premier Li Keqiang said on Monday in the Government Work Report delivered to the first session of the 13th National People’s Congress.
“We will strengthen alignment with international business rules, and foster a world-class business environment,” he said.
In February, the China Banking Regulatory Commission cut red tape for foreign banks, scrapping approval procedures for four items including overseas wealth management products and portfolio investment funds. Banks now only need to report their services in these areas to the authorities, rather than obtaining approval in advance.
The bank also said it plans further investment in the Chinese market and hopes to become an all-round partner of China’s economy.
“Our business strategy is to focus our operation on areas that are both in line with the direction of China’s economy and have their own advantages,” it said.