A se­nior of­fi­cial from the Chi­nese cen­tral bank says that the spread of the novel coro­n­avirus will not have an im­pact on the sched­ule for Chi­na’s open­ing up of its fi­nan­cial sec­tor. To get more China finance news, you can visit shine news official website.

“Ex­pan­sion of the fi­nan­cial sec­tor’s ex­ter­nal open­ing is the pol­icy di­rec­tion that China main­tains over the long-term,” wrote Peo­ple’s Bank of China (PBOC) deputy-gov­er­nor Chen Yulu in an es­say pub­lished by China Fi­nance. “The grand gate which has been opened can only open wider, and will not be im­pacted by the dis­ease.” Chen pointed in par­tic­u­lar to ef­forts to trans­form Shang­hai into an in­ter­na­tional fi­nan­cial sec­tor, in or­der to drive the in­te­grated de­vel­op­ment of the Yangtze River Delta re­gion.

The State Coun­cil re­cently gave its ap­proval to the “Opin­ions Con­cern­ing Fur­ther Ac­cel­er­at­ing the Es­tab­lish­ment of Shang­hai as an In­ter­na­tional Fi­nan­cial Cen­tre and Fi­nan­cial Sup­port for the In­te­grated De­vel­op­ment of the Yangtze River Delta” , which was jointly re­leased by PBOC, Chi­na’s bank­ing, se­cu­ri­ties and forex reg­u­la­tors, and the Shang­hai mu­nic­i­pal gov­ern­ment. “2020 will be a de­ci­sive year when Shang­hai fun­da­men­tally es­tab­lishes an in­ter­na­tional fi­nan­cial cen­tre which matches Chi­na’s eco­nomic strength as well as the in­ter­na­tional sta­tus of the ren­minbi,” wrote Chen.

“The Opin­ions un­veil a se­ries of new re­form and open­ing mea­sures to drive the es­tab­lish­ment of Shang­hai as an in­ter­na­tional fi­nance cen­tre.” Ac­cord­ing to Chen these mea­sures in­clude: Ac­tively dri­ving ad­vance fi­nan­cial tri­als in the Lin­gang New Area, dri­ving and sup­port­ing com­mer­cial banks to es­tab­lish spe­cialised wealth man­age­ment sub­sidiaries and in­vest­ment sub­sidiaries to un­der­take in­vest­ment in the shares of listed com­pa­nies.

Rais­ing the level of ease of cross-bor­der trade and in­vest­ment, and vig­or­ously de­vel­op­ing fin­tech. Ac­cel­er­at­ing the ex­ter­nal open­ing of the Chi­nese fi­nance sec­tor at an even higher level, and dri­ving the loos­en­ing of mar­ket en­try re­quire­ments for for­eign-in­vested fi­nan­cial in­sti­tu­tions. Dri­ving the es­tab­lish­ment of a cen­tre for the al­lo­ca­tion and risk man­age­ment of ren­minbi fi­nan­cial as­sets; es­tab­lish­ing a high-qual­ity fi­nan­cial op­er­at­ing en­vi­ron­ment in line with in­ter­na­tional stan­dards.