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China issued 11 new opening-up measures in the financial services industry
Three weeks after China updated the negative lists for foreign investments in the pilot-free trade zones and elsewhere in the country (the Negative Lists), the Office of the Financial Stability and Development Committee under the State Council (国务院金融稳定发展委员会办公室) announced on July 20, 2019, a set of 11 measures aimed at accelerating the opening-up of the country’s financial services market (the 11 Opening-up Measures), which relate to the financial services industry that is under oversight by three regulators, namely the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC) and the People’s Bank of China (PBOC).
China Accelerates the Opening-up to Foreign Investment
While trade tensions among various countries continue to cast dark clouds over the global economy, the Chinese government has been demonstrating to the world its firm resolution to accelerate the opening-up of its economy to foreign investment.
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