China's financial sector has made huge headway by bringing rules, practices in line with int'l standards

Stepped-up efforts to open up China's capital market at the institutional level will help create a regulatory framework more accommodating to overseas investors and thus strengthen the market's global competitiveness, officials and experts said.

As opposed to simply expanding market access to foreign investors, institutional opening-up emphasizes aligning domestic rules and standards with overseas practices while continuously improving market connectivity, they said.

They commended the leadership of the Communist Party of China for highlighting the necessity to promote institutional opening-up. A key report delivered at the opening session of the 20th National Congress of the CPC called for efforts to steadily expand institutional opening-up with regard to rules, regulations, management and standards.

Yi Huiman, chairman of the China Securities Regulatory Commission, said the country will expand high-standard capital market opening-up at the institutional level to enhance market vitality and global competitiveness.

Yi said the commission will deepen registration-based reform and promote innovations among a series of key institutions, and align them with best international practices while taking into account the characteristics of the Chinese market.

The country needs to further learn from mature investment mindsets, industry cultures and behavioral standards in global markets and optimize relevant rules regarding accounting and evaluation, Yi said at the recent Annual Conference of Financial Street Forum 2022 in Beijing.