SHANGHAI, Nov. 6 (Xinhua) – Regional economic integration will help boost financial openness and create more space for the development of financial institutions, according to participants in a sub-forum at the China International Import Expo (CIIE) in progress) in Shanghai.
Wang Bingnan, Chinese vice minister of commerce, said China has played an active role in regional economic integration while firmly protecting the multilateral trading system.
China has signed 19 free trade agreements (FTAs) with 26 countries and regions, and its trade volume with FTA partners accounts for nearly 35% of its total foreign trade, Wang said at the sub-forum on the regional integration. This was held on Friday at the Fourth Hongqiao International Economic Forum, an event of the CIIE.
According to Wang, China will open up to the outside world at a higher level, actively promote regional economic integration, provide a larger market and more opportunities for the region and the world, and push economic globalization towards a more global world. open, inclusive, balanced and a win-win sense.
In recent years, China has continued to open up its financial sector in an orderly fashion. Foreign ownership restrictions in banking, securities and fund management have been completely removed, and the two-way opening of the capital market continues to expand, said the vice-governor of the People’s Bank of China, Chen Yulu.
China will continue to improve national treatment before the establishment and management system of negative lists, make openness more systematic and institutional, make policies more transparent and predictable, and strengthen the capacity of the financial sector to serve the real economy and regional economy and trade cooperation, he added.
Financial cooperation and opening up of regional economic integration require high-quality news and information and the active performance of various media and information institutions, said Zhou Zongmin, deputy editor of the news agency. Xinhua.
While upholding the principle of broad consultation, joint contribution and shared benefit, Xinhua is willing to work with all parties and leverage its strengths in information dissemination, global network of reporting, high-end national think tank and financial information services to contribute to regional integration cooperation and development, Zhou said.
Liu Jin, chairman of the Bank of China, said the Regional Comprehensive Economic Partnership (RCEP) has created a broad space for the development of financial institutions and a more fair, open, stable and transparent competitive environment.
RCEP will help the Chinese financial sector to further explore foreign markets and attract more foreign financial institutions to run businesses in China, Liu added.