Further Opening of Financial Sector
September 20, Tianjin: Chinese Premier Li Keqiang ( left) holds a dialogue with representatives from communities such as industry and commerce, finance, think tanks and media outlets attending the Summer Davos 2018. The dialogue was hosted by Klaus Schwab, executive chairman of the World Economic Forum.
Li said the opening up of the financial sector of a nation was closely related to its development phase, economic level, and regulatory capacities.
“While maintaining financial stability, China is determined to further open up its financial services, fully implement the pre- establishment national treatment and the negative list system, and gradually remove limits on business licenses and foreign ownership,” Li said.
Currently, China has removed the caps on the foreign ownership of banks. Foreign ownership caps on insurance and securities companies will also be lifted, he said.