China's new central bank chief pledges steady opening of financial sector

ArticleBanking crisisMarch 26, 2018 - 8:04:32 AM

The opening up of the Chinese financial sector needs to be supervised, says China's Yi.

China will steadily reform and further open its financial sector while putting "equal emphasis" on preventing risks through regulation and supervision, the new central bank governor said on Sunday.

In his first public speech since becoming central bank chief last week, Yi Gang told the China Development Forum in Beijing that opening up leads to progress, while closure points to backwardness.

"History has proved that areas that are more open are more competitive, and areas that are less open are less competitive and see risks accumulating (as a result)," Yi said in a wide-ranging speech that touched on issues from support for rural communities to potential risks in the financial system...

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