The Chairman of China Banking Regulatory Comission Guo Shuqing, within the Congress of the Chinese Communist Party in the capital, stated that the percentage of foreign banks in the country market reduces and this weakens the competition. According to him, PRC is going to give foreign banks more opportunities for their operation. Guo Shuqing didn’t disclose the details, but the People’s Bank of China fully confirmed his statement. The country is actually apt to financial reforms and lowering the requirements for foreign business.
China has stated about its plans to open the financial sector for foreign investors. Chinese yuan rate is likely to become market-based to increase market’s proportion in the resources distribution. The country’s government is going to “support private firms development and stimulate the viability of all kinds of the market participants”, as Chinese President, Xi Jinping claimed. He promised to develop a common market and create conditions for a fare competition.