Source: Xinhua. June 14, 2018
SHANGHAI, June 14 (Xinhua) -- China will continue to push opening-up in the capital market to better serve the country’s economic development and broader opening-up strategy, a central bank official said Thursday.
“China will further open up some non-convertible items under the capital account, and those already convertible will see tradings more liberalized,” said Pan Gongsheng, deputy head of the People’s Bank of China, at a forum in Shanghai.
Two-way openness will be promoted in the financial market, with increasing product supplies such as China Depositary Receipts, Panda bonds and commodity futures, according to Pan, who also heads the State Administration of Foreign Exchange.
Rules on qualified institutional investors will be further improved and the scope of connectivity programs will be widened, Pan said, adding China would support domestic financial institutions to better engage in the international market. More
Source: Xinhua, April 12, 2018
BOAO, Hainan, April 11 (Xinhua) -- Chinese President Xi Jinping on Wednesday promised nonstop effort in reform and opening up and commitment to an open economy.
"We are optimistic about the prospect of China's economy," said Xi when holding discussions with representatives of entrepreneurs from home and abroad, who gathered here for the annual conference of the Boao Forum for Asia (BFA).
The president pledged extraordinary effort to shift China's economy in the new era from high-speed growth to high-quality development, from an expansion in quantity to improvement in quality, and from the criterion of "have-or-have-not" to one of "good-or-bad."
China will not stop its efforts to expand opening up and reform, nor will it close doors to the outside world, Xi said.
Xi reiterated China's commitment to an open world economy, vowing more contribution from China to the development of Asia and the world. More
Source: Xinhua, March 13, 2018
BEIJING, March 13 (Xinhua) -- China will form a banking and insurance regulatory commission to replace China Banking Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC), according to a cabinet reshuffle plan.
The new body will enhance oversight of both banking and insurance industries, by combining responsibilities of supervising the banking and insurance industries, preventing and dissolving financial risks, and protecting financial product consumers' rights, according to the plan submitted to the national legislature for deliberations Tuesday.
The move is aimed at solving existing problems such as unclear responsibilities, cross-regulation and absence of supervision, said State Councilor Wang Yong when explaining the plan to the lawmakers.
According to analysts, the new banking and insurance regulator is losing some powers to the People's Bank of China, another sign of the growing regulatory power of the country's central bank, given certain CBRC and CIRC functions, including drafting key regulations and prudential oversight, will be shifted to the bank. More
Source: Xinhua | Updated: 2018-02-28 17:12
BEIJING - Chinese auto company Geely has recently acquired a 9.69-percent stake in German carmaker Daimler AG for $9.2 billion, making the Chinese investor the single largest Daimler shareholder.
The cooperation has won relatively positive overseas media and market responses, a sign of a closer economic bond between China and the rest of the world.
The Wall Street Journal described Geely's investment in Daimler as a "milestone for China," saying "a closer association could be a boon for Daimler, too."
The German government also maintained a relatively open attitude, saying that the purchase was a business matter and Germany is "an open economy that welcomes investments." More
Source: Xinhua| 2018-01-24 23:41:23|Editor: Lifang
DAVOS, Switzerland, Jan. 24 (Xinhua) -- Liu He, a senior Chinese official, Wednesday elaborated on the top-level planning of China's economic policy for the next few years at the World Economic Forum (WEF) held in this Swiss resort.
"In a nutshell, this policy centers around a key necessity, a main task and three critical battles," said Liu, a member of the Political Bureau of the Communist Party of China Central Committee and director of the General Office of the Central Leading Group for Financial and Economic Affairs.
Liu also pledged that China will open wider to the world across the board. More