国内英语资讯:Economic Watch: China mulls further opening up financial markets_时事

国内英语资讯:Economic Watch: China mulls further opening up financial markets

The new rules will encourage overseas financial institutions to conduct equity, business and technological cooperation with banking and insurance institutions controlled by private capital.

The new opening-up measures will permit foreign-funded insurance companies to invest in or set up insurance agencies in China.

Currently, the shares of foreign-funded banks and insurance companies' total assets have reached 1.64 percent and 6.36 percent, respectively, in China.

"By further expanding the opening-up and forging a level playing market environment, it will help to ensure sufficient competition, optimize equity structure and regulating shareholders' behavior," Guo said.

Besides, both Chinese and foreign-funded financial institutions will enjoy widened entry policies in investing in or setting up consumption financial companies.

Foreign banks will no longer need approval in conducting RMB businesses and will be eligible to carry out RMB businesses upon their establishment, according to the new measures.

The new rules will also allow foreign banks to engage in agency collection and payment services, remove certain requirements on foreign insurance brokers to conduct insurance brokerage business in China, and ease the terms for foreign insurance companies to set up insurance institutions in China.

"Further opening up the banking and insurance sectors is not only essential for the development of Chinese economy and finance but also is conducive to enriching market entities and stimulate market vitality," Guo said.