China's financial opening unprecedented: JPMorgan China

The rate and scope of the opening up of China's financial markets in the past year and half has been unprecedented, according to Mark Leung, chief executive officer of JPMorgan China. He made the remarks during a panel discussion themed on "China's Financial Opening" on Sept. 18, in the Summer Davos, held in Tianjin.

The panel discussion themed on "China's Financial Opening" is held during the Summer Davos on Sept. 18, 2018 in Tianjin. [Photo by Gao Zhan/China.org.cn]

Leung said that JPMorgan Chase has always been concerned about China's development. The unprecedented opening of China's financial markets is making global investors focus on China's market and development.

On April 10, President Xi Jinping, in his speech at the 17th Boao Forum, announced plans to further open China's economy. One of the key highlights of these new measures is the opening of the financial sector to foreign competition, which was confirmed by the governor of the People's Bank of China, Yi Gang.

Helen Zhu, managing director and head of the China Fundamental Equities, BlackRock, said foreign investors are very interested in the Asian market because they think the policies offer more good opportunities for investment.

While European Commission Vice President for the Euro and Social Dialogue Financial Stability, Financial Services and the Capital Markets Union, Valdis Dombrovskis, said that the financial opening measures in China are positive for the Chinese economy and European market participants.

He said that market access will be in a better condition with market competition. The entire economy will have a strong drive for growth.