Xiao Yuanqi, deputy director of the State Administration of Financial Supervision and Administration, introduced the new progress of the high-quality economic and social development of financial services at the press conference of the State Council Information Office, and answered questions from reporters.
Loading...
One of the important topics is the process of opening up the banking and insurance industries to the outside world. Xiao Yuanqi said that China has taken more than 50 measures in opening up its financial sector to the outside world, and one of the most prominent ones is the abolition of the restriction on the proportion of foreign shares in banking and insurance institutions.
This move means that foreign capital can fully own the equity of the banking and insurance institution and achieve full ownership. In fact, there are already a number of foreign-funded institutions that have carried out such business in the Chinese market, such as wholly foreign-owned insurance companies, foreign-controlled wealth management companies, wholly foreign-owned money brokerage companies and wholly foreign-owned insurance asset management companies, all of which have been approved for operation.
Xiao Yuanqi also revealed that the relevant restrictions on the financial industry in the "Negative List for Foreign Investment Access" have also been lifted.
What is the impact of this change on China's financial industry and economic society? Xiao Yuanqi analyzed both positive and negative aspects.
On the positive side, this is a major move for China's financial sector to open up to the outside world, reflecting China's determination to adhere to the principles of marketization, rule of law and internationalization. This is a sincere welcome to attract all kinds of foreign-funded institutions and long-term capital to invest and do business in China.
This is also conducive to enhancing the competitiveness and vitality of the financial market, introducing more innovative products and services, and meeting the diverse needs of customers at different levels and fields.
This will also help promote cooperation and exchanges between Chinese and foreign financial institutions, learn from each other in equity management, product development, technology application, talent training, etc., and jointly improve the development level of the financial industry.
On the negative side, we can't ignore the potential risks and challenges. The expansion of foreign financial institutions may bring certain pressure and impact to Chinese institutions, especially in certain areas or regions, Chinese institutions may encounter more fierce competition.
At the same time, foreign investment in the Chinese market may also be affected by some uncertainties, such as fluctuations in the international financial market, changes in cross-border capital flows, and frictions in international trade and investment.
In fact, the ability for foreign investors to control 100% of banking and insurance institutions is an important milestone in the opening up of China's financial industry, which has both advantages and disadvantages. Xiao Yuanqi called on everyone to look at this change positively, seize the opportunity, respond to the challenge, promote the high-quality development of the financial industry, and better serve the economy and society.
That's all for today, thank you for watching, and we'll see you next time.