China’s financial reforms an invitation for foreign firms to boost growth: BOC chairman

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China’s financial reforms will open up opportunities for foreign players in the vast and growing market, Ge Haijiao says

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Ge Haijiao, chairman of Bank of China, delivers a speech during the Sibos conference in Beijing on Tuesday. Photo: Getty Images

Mia Castagnone

Published: 7:18pm, 22 Oct 2024

The liberalisation of China’s financial sector will remain attractive for foreign institutions, as the sector plays a pivotal role in the country’s broader strategy of opening up, according to the chairman of Bank of China (BOC).

“China is opening up and will continue to have more favourable conditions and opportunities for foreign financial institutions,” Ge Haijiao said in Beijing on Tuesday. The finance sector is the “life blood” of China’s economy, he added.

Ge was speaking at Sibos, a global financial services event organised by Swift. The four-day annual conference and exhibition, which has brought together nearly 10,000 participants, ends on Thursday.

The same sentiment was shared by Lu Lei, the deputy governor of the People’s Bank of China, at Sibos on Monday, who said China’s financial sector will continue to embrace opening up and cooperation.

“As experience has shown, opening up is an important driving force for ‘high quality’ development of the financial sector,” Lu said.

The central bank said it would support leading Chinese firms that want to go public or issue bonds overseas, while also encouraging foreign sovereign wealth funds and financial firms to invest in China.

China’s massive middle class presents a huge opportunity for global banks operating in China. Photo: Xinhua