At the 2024 Lujiazui Forum’s “Plenary Session 5: Benchmarking High-Standard Economic and Trade Rules and Advancing High-Level Institutional Opening-up of Finance” on the morning of June 20, Huo Yingli, Secretary of the Party Committee of the China Foreign Exchange Trade System (CFETS), stated that the next step is to continuously enrich the financial product system, enhance the global pricing power of RMB financial assets, continuously promote the innovation of green financial products, improve the sequence of derivatives such as interest rates and exchange rates, effectively leverage the functions of financial derivatives in price discovery and risk management, continuously expand opening-up channels, optimize rules and mechanisms, deepen the interconnection of domestic and foreign financial infrastructures, and promote the institutional opening-up of financial markets.
When discussing financial opening-up, Huo Yingli believes that the previous opening-up driven by the flow of financial resources and elements must shift towards institutional opening-up.
She pointed out that, first, it is necessary to benchmark high-standard economic and trade rules, especially those in the financial sector, streamline restrictive measures, and enhance the transparency, stability, and predictability of opening-up policies. Second, advancing institutional opening-up should proceed from the actual situation of financial market development and explore an opening-up path suitable for China’s national conditions. In addition, institutional opening-up should actively implement the concept of green development, which is the foundation of China’s economic development and a consensus of the international community.
