A man wearing a protective mask is seen inside the Shanghai Stock Exchange building. , Photo Credit: Reuters

China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when “the conditions are favourable”, local media quoted a former finance minister as saying on March 18. Said.

Such moves would be in line with the country’s opening up of its financial industry, Lu Jiwei told the Global Asset Management Forum in Beijing, according to Business Herald of the 21st Century Newspaper.

At the same event, Cao Yu, vice-president of the China Banking and Insurance Regulatory Commission, was quoted as saying Shanghai Securities News Stating that 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 institutions.

China is stepping up efforts to woo foreign companies and investors to aid its economic recovery after ending its zero-COVID policy late last year. It has accelerated fund license approvals for foreign asset managers in recent months.

Mr. Lu also commented on the recent collapse of Silicon Valley Bank, adding that Chinese authorities attach great importance to preventing and resolving systemic risks and seek to improve financial supervision with the creation of a new financial regulatory body. Was doing.

“We will continue to cooperate with financial regulatory agencies of other countries to jointly prevent and address systemic risks in the global financial system and maintain the stability and prosperity of global financial markets,” according to the newsletter.