On Saturday, a former finance minister told local media that China will welcome foreign money to engage in its financial markets and may enable foreign-funded financial companies to go public when “conditions are ripe.”
Lou Jiwei told the Global Asset Management Conference in Beijing that such steps would be by the country’s financial industry liberalization, according to the 21st Century Business Herald.
During the same occasion, Shanghai Securities Daily reported Cao Yu, deputy chairman of the China Banking and Insurance Regulatory Commission, as stating China will react to international financial institutions’ needs and foster the growth of Chinese and foreign-funded banks and insurers.
Since ending its zero-COVID policy last year, China has courted foreign firms and investors to boost its economy. As a result, recent months have seen faster fund license approvals for overseas asset managers.
Lou also remarked on Silicon Valley Bank’s failure, stating that Chinese authorities prioritized systemic issues and created a new financial regulatory organization to boost financial oversight.
“We will also continue to engage with the financial regulatory agencies of other countries to jointly avoid and address systemic risks in the global financial system and protect the stability and prosperity of the global financial market,” he said, according to the newspaper.
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