China mulls further opening up financial markets

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 on Jan 11.

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 with the China Banking and Insurance Regulatory Commission told a press conference.

Xiao said China would not only like foreign firms to establish branches and invest in the country, but also hopes 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.