(Yicai) Nov. 7 -- Chinese central bank and securities watchdog officials have been speaking about the country’s ongoing efforts to further open up its financial market and financial services sector.

“China’s capital market has increasingly become one of the most important markets for international investors to consider for global allocation,” Shen Bing, head of the fund and intermediary supervision department of the China Securities Regulatory Commission, said today.

International investors have long been upbeat about China’s stable economic growth, the outlook for its capital market development, and investment environment, Shen told the Shanghai Stock Exchange's Global Investors Conference 2024.

China’s key reforms and development tasks are accelerating, the foundation for economic growth is becoming more solid, and the global position and influence of China’s capital markets are gradually increasing, he said.

He also noted that market valuations are relatively low historically, while the CSRC is continuing to promote two-way opening-up, improving the investment environment, and enhancing market attractiveness.

There will be further support for investment and business from overseas, Shen noted. For instance, the overall strength of overseas institutional groups will be taken into consideration when calculating foreign bank indicators. The government will also bolster cross-border regulatory cooperation to provide efficient regulatory services for foreign investors.

The CSRC and commerce ministry recently clarified the guidance regarding the tax breaks on investments made by sovereign wealth funds through the Qualified Foreign Institutional Investor scheme, Shen said. The two are still working on revising the relevant trading rules to eliminate any uncertainties, he added.

China will further open up its financial market and financial services sector, Pan Gongsheng, the country’s central bank governor, reaffirmed yesterday.

The People’s Bank of China is committed to expanding the connectivity of onshore and offshore financial markets, thereby expediting trade and investment, and building a first-class international, law-based, and market-oriented business environment, he told a symposium attended by overseas financial institutions.

Pan also briefed them on the progress of China’s high-level financial opening-up and the implementation of a set of financial policies introduced in late September, and he welcomed feedback.

The PBOC will continue to implement supportive monetary policies, strengthen communication with the market, and improve the quality and efficiency of financial services, Pan added.

Editors: Xu Wei, Tom Litting