China to gradually waive limits on foreign equity and business licenses

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The theme for the opening up of the Chinese financial industry is to gradually lift restrictions on share ratios and business licenses to ensure “national treatment”, meaning both domestic and foreign banks will compete on a level ground, said China’s central bank governor Yi Gang on Thursday.

At the 2018 Lujiazui Forum, Yi said Shanghai can take the lead in realizing the financial reform goal as an international financial hub with unique advantages. Shanghai is still the focus of global development for many foreign-funded banks, securities firms, insurance companies and investment institutions.

The People’s Bank of China will support Shanghai in piloting cross-border RMB businesses and products, promoting  internationalization of the renminbi along market-driven principles, said Yi.

The PBOC will also support Shanghai to steadily advance capital account convertibility, further strengthen the financial market and financial services, and lead financial technological development, he added.

Besides, the PBOC will continue to support Shanghai’s efforts to serve the real economy and facilitate trade and investment, helping build the city into a global financial and market center, according to Yi.

Source: ecns

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