In this April 8, 2018 photo, a pedestrian walks past the headquarters of China Banking and Insurance Regulatory Commission (CBIRC) in Beijing, China. (PHOTO / IC)
BEIJING – China will consider further opening up its financial markets this year to improve the sector's competitiveness, the country's main financial regulator said Friday.
The government will research new opening-up policies, with particular interest in allowing professional foreign insurers with strong compliance awareness to enter the Chinese market, Xiao Yuanqi, spokesperson for the China Banking and Insurance Regulatory Commission (CBERC), said at a press conference.
Xiao said China would not only like foreign firms to set up branches and invest in China, but also hoped for them to bring in professionals and technologies.
China introduced over 10 measures to open up its banking and insurance sectors last year, including easing ownership restrictions and enabling access to a number of niche markets.
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