China to deepen financial opening-up, strengthen financial services for real economy

Photo taken on Jan 14, 2021 shows a night view of Lujiazui in Pudong of East China's Shanghai municipality. Chinese Premier Li Keqiang on Wednesday heard a report on advancing financial opening-up at a State Council executive meeting, where he also chaired discussions on work related to greater financial openness and stronger financial services in boosting the real economy. The meeting noted the steady opening-up of China's financial sector in recent years, during which more than 100 foreign-invested banks and insurance, securities, payment and clearing institutions have been approved and set up. Greater financial openness should better serve the real economy, which is of great importance to maintaining the country's economic stability," Li said. "We must fully deliver on the commitments we have made by advancing the opening-up in the banking and insurance sectors in an orderly way," Li said, "We need to take a holistic approach in handling the relationship between financial openness and financial security, to better safeguard China's economic and financial security."