2021年10月26日

Li Yang: The institutional opening up of the financial industry is facing new challenges

China faces many problems and challenges in opening up its financial sector during the 14th Five-Year Plan period and for some time to come, said Li Yang, chairman of the National Finance and Development Laboratory, at the 2021 economic summit of the China Development Forum held in Beijing on March 20.


Li Yang said that the institutional opening to the outside world is compared with the policy opening to the outside world, the latter is “open whatever you want to open, close whatever you want to close”, there is a certain degree of arbitrariness, while the former is in accordance with international practices, in line with the best practice of the institutional arrangement. China’s financial industry will face new problems and challenges as it changes from policy-oriented opening-up to institution-based opening-up.

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