Pan Gongsheng: Will Steadily Promote High-Level Opening-Up of the Financial Sector

Odaily Planet Daily News: People’s Bank of China Governor Pan Gongsheng stated at the China Development High-Level Forum 2026 Annual Meeting on March 22 that China will steadily promote high-level opening up of the financial industry. The country will deepen financial market connectivity, cross-border payment systems, and facilitate more investors to invest in China’s financial markets. China’s stock and bond markets are both the second largest in the world, with market depth, resilience, and liquidity continuously improving. By the end of 2025, foreign institutions and individuals will hold over 10 trillion yuan in domestic stocks, bonds, deposits, and loans. Foreign investors are welcome to participate in and invest in China’s financial markets. In recent years, the internationalization of the renminbi has made positive progress, providing more diversified currency options for domestic and foreign entities. Currently, the cost of renminbi financing is relatively low. By 2025, the issuance of panda bonds by governments, international development agencies, financial institutions, and large enterprises will exceed 170 billion yuan. The scale of offshore renminbi bonds issued in Hong Kong is even larger. China will continue to improve the cross-border use system of the renminbi and develop financial infrastructure. The country will promote diversified monetary and financial cooperation, develop the offshore renminbi market, and facilitate cross-border trade and investment activities. (People’s Bank of China)