Deeper reform planned for financial institutions

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China will introduce deeper reform for financial markets and institutions and actively promote the implementation of policies for financial opening up, the nation's top banking and insurance regulatory body said on Tuesday.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, made the remarks at a news conference.

He said China will work to build a more level playing field and introduce higher-level opening up, further energizing market vitality.

Foreign financial service institutions have shown stronger willingness to enter the Chinese market. Since 2018, over 100 foreign banks and insurance firms have gained approval for entry into China's market, including some of the most highly reputed international institutions in commercial insurance, wealth management and credit rating, Guo said.

The country will work to build and refine its mechanism for financial institutions to better serve the real economy. Well-calibrated support will be given to private and small businesses, as well as those centering their business on technology and green development.

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