The liberalization of China's financial service industry and capital market will draw more investment from overseas institutional investors and will help boost the global profile of the Chinese currency, international financial experts said on Wednesday.
The nation will cut import tariffs on automobiles and other products as early as possible, as part of the country's initiative to further open up, Vice-Minister of Finance Cheng Lihua said on Wednesday.
China will lift foreign ownership restrictions in the life insurance sector in three years and raise foreign ownership limits to 51 percent in joint-venture life insurance firms by the end of June, a top regulatory official said.
A bold move to quadruple the daily quota of the two stock connects between the Chinese mainland and Hong Kong could essentially set the stage for a historic opening of the mainland's financial sector, but a higher level of regulation is required, said experts.
The country's consumer price index, a main gauge of inflation, rose 2.1 percent year-on-year in March, compared with 2.9 percent for February, the National Bureau of Statistics said on Wednesday. Analysts said the month-on-month decline indicates that high inflation may be unlikely this year, which will prevent policymakers from tightening their monetary policy stance.
China will boost the efficiency of its State-owned enterprises with market-oriented principles in the next round of the nation's opening-up so they can better compete in overseas markets, the head of the State-owned assets regulator said on Wednesday.
CARS, China's largest online used-car dealer, will build more brick-and-mortar stores to attract consumers, after the company raised $818 million in its latest round of financing led by Tencent Holdings Ltd, said Yang Haoyong, CEO of CARS.
Chinese companies can leverage their expertise in merging online and offline commerce to prompt cross-border trade in economies related to the Belt and Road Initiative, according to industry experts.
China's financial sector will play an important role in changing the world economy in the coming decades, when financial resources could be allocated worldwide more efficiently through supportive opening-up measures, a senior official of the nation's securities watchdog said on Tuesday in Boao, Hainan province.
Officials and business leaders at the Boao Forum for Asia on Tuesday called for enhanced efforts from the private sector to partnering with governments to achieve more sustainable development.
China's plan to ease restrictions on stakes foreign carmakers can own in joint ventures with local partners and reduce automobile import tariffs will encourage competition in the domestic market and benefit consumers, experts said.
Domestic demand is playing an increasingly important role in boosting China's economic growth, as the country continuously pushes forward its supply-side structural reform and innovation-driven development strategy, the National Bureau of Statistics said on Tuesday.
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