(Yicai Global) Jan. 15 -- China needs to enhance reforms and opening-up while boosting cooperation and communication with foreign players, according to a prominent figure from the country's regulator for the banking and insurance sectors.

China still has a lot of potential in terms of supply and demand and will take further actions in the supply-side reform, Wang Zhaoxing, vice chairman of the China Banking and Insurance Regulatory Commission, told Yicai Global in an interview on the sidelines of the Asian Financial Forum 2019 in Hong Kong.

Wang remains quite confident in the Chinese economy, and the CBIRC has implemented 15 specific policies for opening up including the lifting the restrictions on foreign ownership in the banking and insurance industries. These policies have enabled China's financial and fiscal systems to develop in a stable manner and compete better with major foreign firms and institutions, he said.

The world economy will face more uncertainties and fluctuations this year, and China must pay special attention to the stable financial market, the real estate market and the impact of the global market, he said, adding that the country should keep an eye on trends related to the fiscal and monetary policies of the world's major economies, especially the developments in the China-US trade frictions.

China's central bank and the CBIRC have issued many policies and instructions to financial institutions to facilitate green finance and introduced criteria on evaluating whether banks have promoted green finance to boost energy-related technology development, energy conservation and emission reductions while driving the development of the new energy sector, Wang noted.

Regulatory authorities further encourage and support companies and financial institutions in their issuance of green bonds as well as encouraging banking institutions to provide more loans to green industries and offering more financing support for the energy conservation and emission reduction projects, Wang stated. He also discussed the possibility of offering more convenient or favorable risk assessments for project financing to further support green loans, green development and green infrastructure development.