This report has been updated based on China’s new policies and data on top of the March 2018 edition.
In his keynote speech at the opening ceremony of the Boao Forum for Asia 2018 (BFA) on April 10, President Xi Jinping described economic globalisation as an irreversible trend, and noted that China would continue on its course of opening-up. On the following day, the People’s Bank of China unveiled policy details as well as a timeline, that focus on expending market access and lifting ownership restrictions.
This series of deeper financial measures to open-up are beneficial to both China and the global financial industry, as they will create new opportunities for domestic and foreign players, adding market competition, and leading to new channels, products and services, with improved customer experience, and operations.
By the end of 2017, total assets of China’s financial services industry reached USD 32 Trillion and the AUM of china asset management service provider reached 20 Trillion. As China committed to further opening up, we expect foreign financial institutions’ (FIs) market share to expand in the future – 2018 is the another good timing for foreign FIs to seize China’s growth opportunity.