"This does not imply a lower standard of supervision, but rather an emphasis on the foreign banks' capability, quality and benefits," said Xiao.

The top regulator also expects to encourage quality firms with latecomer advantages into the Chinese market and increase global conversation and cooperation.

While allowing overseas financial institutions to hold stakes in foreign-funded insurance companies operating in China, the regulator also plans to remove requirements for foreign-funded insurance brokerage firms regarding business and total assets.

"We believe that this round of new measures will significantly enhance the openness and marketization of the banking and insurance sectors," Xiao said.

【国内英语资讯:Economic Watch: Chinas new opening-up measures to further vitalize banking, insurance sect】相关文章：

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