China’s financial opening up and rapidly growing consumer market benefit the country and provide better asset allocation opportunities for global capital, Li Yunze, the head of China’s financial regulator, said in Shanghai on Wednesday.
Total assets under foreign banks and insurance institutions in China have exceeded 7 trillion yuan ($974.01 billion), Li, director of the National Financial Regulatory Administration, told the Lujiazui Forum, a high-profile financial gathering.
“Foreign institutions are important bridges and links for attracting investment, talent, and are important participants and active contributors to the construction of China’s modern financial system,” he said.
China will create a transparent, stable and predictable market environment for foreign players and will explore options to open up a wider range of financial areas, said Li.
Li added that China’s rapidly growing consumer market would also bring more opportunities for foreign institutions.
“China is accelerating to become the world’s largest consumer market,” said Li. “Deeply cultivating the Chinese market will surely achieve great results.”
In addition, Li estimated that there will be more than 400 million people aged 60 and over in China by 2035, creating a “silver economy” worth 30 trillion yuan.
($1 = 7.1868 Chinese yuan renminbi)
(Reporting by Winni Zhou, Bian Jing and Brenda Goh in Shanghai; writing by Yukun Zhang and Ziyi Tang in Beijing; editing by Christian Schmollinger and Kate Mayberry)
Topics China
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