China is ready to open the door to foreign-funded financial institutions listing in the country when “conditions are ripe”, a former finance minister as saying on Saturday.
Beijing could also allow foreign capital to participate in its financial markets in moves that Lou Jiwei told the Global Asset Management Forum in Beijing would be in line with the country’s opening up of its financial industry, according to the 21st Century Business Herald newspaper.
At the same event, Cao Yu, vice chairman of the China Banking and Insurance Regulatory Commission, was quoted by the Shanghai Securities News as saying China would respond to the demands of foreign financial institutions and promote the common development of Chinese as well as foreign-funded banking and insurance entities.
China has been stepping up efforts to woo foreign companies and investors to aid its economic recovery after the dismantling of its zero-Covid policy late last year. It has sped up fund licence approvals for foreign asset managers in recent months.
Lou also commented on the recent collapse of Silicon Valley Bank, saying Chinese authorities attached great importance to preventing and resolving systemic risks and were trying to improve financial supervision with the creation of a new financial regulatory body.
“We will also continue to cooperate with the financial regulatory agencies of other countries to jointly prevent and resolve systemic risks in the financial system and maintain the stability and prosperity of the global financial market,” he added, according to the newspaper.
- Reuters with additional editing by Sean O’Meara