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China to Further Open Financial Sector
China's central bank governor Friday said Beijing would continue to open up the country's monetary sector. Dai Xianglong was speaking at the "21st Century Forum" in Beijing. The head of the People's Bank of China said the move would create fresh opportunities for foreign investors.
Once China joins the World Trade Organisation, the central bank governor said, foreign banks would be governed by the same regulations now in place for domestic financial institutions:
After a transition period of five years following China's entry into the WTO, all foreign companies and banks will enjoy 'national treatment'. This will provide fresh opportunities and broad markets for foreign investors. It will also open up a new era for the financial sector.
Dai Xianglong also told the 21st Century Forum that the government would continue to back the Renminbi at its current value, and continue to promote economic growth.
The central bank governor said China was pressing ahead with interest rate liberalisation, allowing the money market to set deposit and loan rates.
Efforts will also be made to transform eligible state commercial banks into joint-equity corporations with the government as the dominant share-holder.
Dai Xianglong said Beijing would also press ahead with its plans to introduce convertibility for capital accounts.
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