Greater role of financial opening-up highlighted

Chinese policymakers are attaching greater importance to broadening all-around financial opening-up as a key driving force of China's new growth paradigm, while stressing continued financial stability amid global economic uncertainties caused by the COVID-19 pandemic.

Economic and financial policies should remain supportive to sustain the recovery and growth of the world's second-largest economy, through leveraging outbound capital resources and expanding market access. Meanwhile, tight financial regulations should help counter the risks of excessive speculation, financial bubbles and fraudulent investment, officials and experts said at a summit over the weekend.

Further opening-up of the financial sector is necessary for building a "new development paradigm", which will attract more foreign institutions, increase business opportunities and enrich financial products. It will also promote the domestic financial system and strengthen financial services in supporting the real economy, Yi Gang, governor of the People's Bank of China, the central bank, said in a video address at the opening ceremony of the 2020 Bund Summit in Shanghai on Saturday.