PBOC: China to Steadily Push Forward Financial Opening-Up

On November 6, the People’s Bank of China (PBOC) held a forum with foreign financial institutions to gather insights on improving the business environment and advancing high-level financial sector openness. During the forum, Pan Gongsheng, Governor of the PBOC, elaborated on China’s current monetary policy stance and the rationale behind adjustments in the policy framework. He provided updates on the progress of financial sector openness and recent incremental policies. The foreign financial institutions expressed that the PBOC’s efforts this year—especially in financial sector reform, business environment enhancement, and cross-border data flow management—have shown positive results. The recently introduced incremental policies has supported high-quality economic growth and financial market stability, boosting foreign investors’ confidence and outlook for the Chinese market. Participants emphasized the importance of continued policy-market communication to ensure effective implementation of these policies. Pan highlighted that China’s economic fundamentals remain strong, with vast market potential and resilient growth. The recently introduced incremental policies have been positively received domestically and internationally, significantly boosting public confidence. Pan further emphasized that the PBOC will faithfully implement the decisions of the CPC Central Committee and the State Council, ensuring a balance between economic growth speed and quality, internal and external dynamics, and investment and consumption. The bank will continue to pursue a supportive monetary policy, enhance market communication, and improve financial services. The PBOC aims to advance institutional openness in financial services and markets, deepen connectivity between domestic and international financial markets, and promote trade and investment facilitation. The goal is to foster a world-class business environment characterized by market orientation, legal standards, and international best practices, supporting sustained economic recovery and high-quality financial development.