China’s new opening-up measures to further vitalize banking, insurance sectors

BEIJING — China expects to further optimize the investment and operation environment for foreign investors in its financial sector with new measures to open the field wider, according to the country’s top banking and insurance regulator.

A total of 12 new rules will be released soon on the basis of profound research and evaluation, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC) said on May 1.

“These measures will also encourage stronger presence of foreign investment in the development of China’s financial sector,” the CBIRC spokesperson Xiao Yuanqi told Xinhua in an interview.

Detailed rules in regulations for foreign banks and foreign insurance companies have been revised in accordance with the new rules and will soon be released, said Xiao.