Chief of the People’s Bank of China Yi Gang outlined a schedule for China’s long-awaited financial reforms in 2018, Caixin Global reports, promising for the process to begin by June.
The first wave of measures will be aimed at giving foreign investors greater access to China’s financial sector, Yi said at a session of the Boao Forum. Limits for foreign ownership of banks and asset management firms will be lifted, and foreign banks will be able to establish branches and locally-incorporated subsidiaries within China at the same time, building on current legislation that permits either one or the other.
Further liberalisation policies will follow later in the year, Yi continued in his address. Many of the policies outlined had been promised in November during President Trump’s visit to Beijing.
“We will treat foreign companies in the same way as domestic firms,” Yi said. “The market will be open. The performance of companies will depend on their corporate governance and competitiveness.”
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