Pan Gongsheng: We will steadily promote the high-level opening up of the financial industry.
PANews reported on March 22 that, according to Jinshi, Pan Gongsheng, Governor of the People's Bank of China, stated at the China Development Forum 2026 on March 22 that China will steadily promote high-level opening-up of the financial industry. This includes deepening the interconnectivity of financial markets and cross-border payment systems to facilitate investment in China's financial markets by more investors. China's stock and bond markets are both the second largest globally, with continuously improving market depth, resilience, and liquidity. By the end of 2025, overseas institutions and individuals will hold over 10 trillion yuan in RMB financial assets, including domestic stocks, bonds, deposits, and loans. We welcome overseas investors to participate in and invest in China's financial markets. In recent years, RMB internationalization has made positive progress, providing more diversified currency options for domestic and foreign entities. Currently, RMB financing costs are relatively low. In 2025, governments, international development institutions, financial institutions, and large enterprises issued over 170 billion yuan in Panda bonds, with even larger amounts of offshore RMB bonds issued in Hong Kong. We will continue to improve the institutional arrangements for the cross-border use of RMB and the construction of financial infrastructure. We will carry out diversified monetary and financial cooperation, promote the development of the offshore RMB market, and facilitate cross-border trade and investment activities.
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