Foreign partners aiding in Belt, Road financing

Further opening-up of China's financial sector while tightening risk control regulations will aid the financing of Belt and Road Initiative projects, according to a senior official of the country's banking and insurance regulator.

China's banking sector, seen as a major source of financing that supports the initiative, will continually strengthen cooperation with foreign financial institutions along Belt and Road routes to expand the country's opening up, Wang Zhaoxing, deputy head of the newly merged banking and insurance regulatory commission, said at the China Development Forum 2018 on Saturday.

He also warned that if financial risks were not effectively controlled, Belt and Road construction would suffer.