New Central Bank Governor Announces Further Opening Up

China’s newly appointed central bank governor Yi Gang announced a slew of reform measures regarding foreign capital entering China’s financial market at the annual meeting of Boao Forum for Asia, a day after President Xi Jinping’s speech on the subject.

 

The newly announced measures include many relaxed measures in the financial services sector, as well as planning a Shanghai-London stock connect by the end of 2018. These measures are expected to boost Chinese financial companies’ competitive ability in the global market. The central bank governor also vowed regulation in the financial sector will be stepped up to prevent financial risk and maintain market stability.

 

He noted that as China further opens up in the service sector, American service companies will help to balance out the Chinese trade surplus in the goods sector.

 

Editor: Xue Guanpu

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