Foreigners may get more access to China's banking sector

The nation will accelerate the opening up of its banking sector to foreign investors and consider steps to increase the upper limit of shareholding in Chinese financial institutions by foreign banks, the country's top banking regulator said on Thursday.

The market share of foreign banks in China by assets has declined during the last five years. This is not beneficial for promoting competition and structural optimization in the banking sector, said Guo Shuqing, chairman of the China Banking Regulatory Commission, during the 19th National Congress of the Communist Party of China.

By the end of 2016, the total assets of foreign banks in China had reached 2.93 trillion yuan ($442.14 billion), accounting for 1.29 percent of the total assets of financial institutions in the Chinese banking sector, falling from 1.82 percent as of end-2012, according to the CBRC.