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BEIJING, March 23 (Reuters) – China's regulator of banks and insurance is investigating a new series of measures to open the Chinese financial sector to achieve the twin goals of better access and stability, said Saturday a senior regulator.
Wang Zhaoxing, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said China would allow foreign banks and insurance companies to strengthen their presence in China.
"CBIRC is looking at a new series of openness measures, including a relaxation of market access conditions," said Wang at the annual China Development Forum in Beijing.
The regulator said it aims to attract more foreign, high-quality professional banks and insurance companies by further opening Chinese financial markets.
"China will encourage foreign banks and insurance companies to increase financial products and services in China," he said.
He also said that China is considering removing quantitative restrictions for foreign financial companies. (Report by Kevin Yao, edited by Tom Hogue)
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