2018年CRI China's financial opening to drive quality development: experts

 

Experts in China say that the country's further opening up policies will drive high-quality development, benefiting the country itself as well as the world.

They made the comments as China rolls out a series of measures to significantly broaden market access since the beginning of this year.

As part of its ongoing¹ efforts to further open up its financial sector², China's government has issued new regulations that permit overseas-based investors³ to set up a securities trading firm in China with foreign ownership of up to 51%.

Qualified⁴ foreign investors can also apply to register a change in the ownership of an existing securities firm in which they are taking a controlling interest.

Earlier in May, several overseas-based finance firms submitted applications to regulators to take a larger stake in China's financial market.

The companies include international investment bank UBS, international foreign exchange service provider World First, and Japan's biggest securities trader Nomura.

Liu Qing, a professor from the School of International Trade and Economics of the University of International Business and Economics, says the changes in the regulations are a demonstration⁵ of China's determination for further opening up.

"During China's 40 years of reform and opening up, we will always stick to the principle of expanding our opening up based on our own intentions, that is to say, we gradually open up step-by-step in accordance with the demands of our development. China's economy has entered a new phase, so we need to drive development with opening up, and we need further opening up to promote high-quality development," says Liu.

Restrictions⁶ on foreign equity⁷ in banks and financial asset management firms are also being dropped, while foreign equity holdings in securities, funds, futures⁸, and life insurance companies are being capped at 51%, with the cap to be phased out over three years.

The government also recently announced its decision to drop import tariffs⁹ on anti-cancer drugs, and to lower import tariffs for automobiles¹⁰.

"These measures will raise the opening of China's economy to a higher level, boost the economy and employment, and bring more benefits to Chinese and the people of the world in the meantime," says Li Gang, deputy director of the Chinese Academy of International Trade and Economic Cooperation of the Chinese Ministry¹¹ of Commerce. 

Zhang Jianping, deputy director of the academic committee of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, believes China's further opening up will add a new dynamic to the world.

"In global trade and investment, when negotiating economic and trade rules, we adhere to the principle of wide consultation¹², joint¹³ contributions, and shared benefits to achieve win-win cooperation. Therefore, we consider not only China's interests, but also the common interests of relevant parties. I think China and the world are having good interactions right now," says Zhang.

During the Boao Forum¹⁴ for Asia in April, Chinese President Xi Jinping announced in his speech that China will significantly broaden market access, create a more attractive investment environment, strengthen protection of intellectual property rights, and take the initiative to expand imports.

1 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。

2 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 qualified   

adj.合格的，有资格的，胜任的，有限制的

参考例句：

• He is qualified as a complete man of letters.他有资格当真正的文学家。
• We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。

5 demonstration   

n.表明，示范，论证，示威

参考例句：

• His new book is a demonstration of his patriotism.他写的新书是他的爱国精神的证明。
• He gave a demonstration of the new technique then and there.他当场表演了这种新的操作方法。

6 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

7 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

8 futures   

n.期货，期货交易

参考例句：

• He continued his operations in cotton futures.他继续进行棉花期货交易。
• Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

9 tariffs   

关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准

参考例句：

• British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
• The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。

10 automobiles   

n.汽车( automobile的名词复数 )

参考例句：

• When automobiles become popular,the use of the horse and buggy passed away. 汽车普及后，就不再使用马和马车了。 来自《简明英汉词典》
• Automobiles speed in an endless stream along the boulevard. 宽阔的林荫道上，汽车川流不息。 来自《现代汉英综合大词典》

11 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

12 consultation   

n.咨询；商量；商议；会议

参考例句：

• The company has promised wide consultation on its expansion plans.该公司允诺就其扩展计划广泛征求意见。
• The scheme was developed in close consultation with the local community.该计划是在同当地社区密切磋商中逐渐形成的。

13 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

14 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。