THE REFORMS JUGGERNAUT ROLLS ON

Financial services sector perks up on further opening-up, promising to stabilize China's economic growth

On July 20, as if to silence even the most diehard sceptics, the Office of Financial Stability and Development Committee, which is part of the State Council, China's Cabinet, announced as many as 11 policies at one go to further open up the financial services sector.

He Nanye, a guest researcher with the Suning Institute of Finance, said the central regulator's relaxed grip on foreign ownership in the financial sector demonstrates China's resolve to deepen its opening-up process.