The Bank of China Insurance Regulatory Commission announced 27 days to accelerate the implementation of the opening up of banking and insurance industry. The experts say that the opening up of the financial industry is a signal and important measure to enhance China’s economic cooperation and international economic cooperation, not only to enhance the vitality of the market, but also to bring good competition to the enterprises.
As we enter the new era of reform and opening up, China proposes to actively promote the formation of a new pattern of comprehensive opening up. On the 27 day, the Bank of China Insurance Regulatory Commission announced that it would push all the open measures to the ground as soon as possible. One of the most important concerns is to facilitate the facilitation of foreign investment, including the cancellation of the restriction on the proportion of foreign ownership of Chinese banks and financial Asset Management Co, the implementation of the proportion of domestic and foreign shares in equity investment, and the lack of restrictions on the share of foreign investment in the newly launched financial Property Investment Companies and financial companies. Wait。
In order to ensure the early landing of the relevant measures, the 27 day, the bank insurance supervision and Administration Committee also issued the “notice on further easing the market access related items of foreign banks” and “notice on opening the scope of the operation of foreign capital insurance brokers”. “I think this is China’s further reform and opening up, we further open our market in the face of the international market, and enhance the signal and important measures of China and the international economic cooperation,” said Zhu Ning, the deputy director of the national financial institute of Tsinghua University, said to China to accelerate the implementation of the opening of the banking and insurance industries to the outside world. Second, because we know that finance is a global business, further opening up the Chinese market will welcome the expansion of overseas institutions in China to promote the development of China’s financial industry and the progress of its counterparts. Third, the focus of China’s economic work this year is to prevent systemic financial risks. Further docking with global financial markets can help China transform its economic growth structure and defuse the risks of the economic development process.
The bank insurance supervision and Administration Committee (bancassurance) news shows that China will expand the business scope of foreign capital institutions, completely abolish foreign banks’ application for RMB business to meet the 1 year waiting period requirements, and allow foreign bank branches to engage in “agency issuance, agency payment, and underwriting of government debt voucher business”. Whether the acceleration of the pace of expansion of the financial industry will affect domestic financial enterprises, Zhu Ning told reporters that such worries need not be necessary. He said, “the development of the entire financial market, including customer credibility and institutional innovation, is a gradual process. In this regard, China’s financial institutions have great advantages. Second, international advanced experience also helps and promotes Chinese business partners’ own business improvement, corporate governance and internal management level. Third, Chinese enterprises and families have more and more demand for overseas investment and financing because of the economic globalization, so there are more overseas institutions serving the real economy in China, helping the transformation and upgrading of China’s economy, and playing an important role in Chinese enterprises and families.
At the same time, the BANCC will synchronously accept admittance applications for various open measures. It is understood that in the near future the commercial banks from the UK, Japan, Singapore and the insurance agencies of France and Germany have expressed their intention to establish new institutions or increase their shareholding in China. Bancassurance and supervision committee will do well in policy and admittance according to the established open plan, and promote a number of projects timely landing.
Chen Daofu, the deputy director of the Financial Research Institute of the development research center of the State Council, seems to be a process of mutual competition and mutual learning. “In fact, they have their own customers and their respective advantages. There are certain competitions among specific individual areas, but more often they are complementary, mutually learning and cooperative processes. I think more likely to provide a better choice for China to get better financial services.