Opening-up to boost finance sector

China's accelerated steps in further opening its financial sector will draw more foreign banks and firms and will give a major boost to local market efficiency and vitality, according to economists and financial experts.

They commented after Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, disclosed plans to unveil a dozen new measures for further opening-up in the banking and insurance sectors.

Measures include removing limits on ownership in local banks and scrapping size requirements for foreign firms. Also, overseas insurance groups will be allowed to set up units.