High-standard financial opening-up planned

The National Financial Regulatory Administration is planning to introduce more opening-up measures to address legitimate concerns of foreign institutions and improve regulations on foreign banks and insurers, thereby facilitating development of foreign institutions in China, an official of the top financial watchdog told China Daily in an exclusive interview.

"We will continue to stick to the principles of coordinating financial opening-up and security to push forward high-standard opening-up in the industry," said the official, a bureau head of the administration, who requested anonymity.

"By implementing the preestablishment national treatment and the negative list management system, China welcomes all types of foreign institutions and long-term investors to launch and expand their businesses, in a market-oriented and law-based manner that is up to international standards," the official said.