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Premier Li Keqiang: a Six-pronged Approach to Deepen Reform and Opening-up of the Financial Sector

On 21 October, Premier Li Keqiang presided over a State Council executive meeting and called for six lines of efforts to deepen reform and opening-up of the financial sector.

First, combine the efforts to build Shanghai into an international financial center with the pilot financial reform of the Shanghai Pilot Free Trade Zone (FTZ), open up the financial sector both domestically and internationally, explore and accumulate successful practices that can be replicated and applied elsewhere, and bring financial services in line with the needs of a highly-open real economy.

Second, acting according to the principle of being proactive, steady, well-paced and macro-prudential and on the basis of existing experience, gradually raise the RMB convertibility under the capital account within the Shanghai FTZ, and expand the functions of existing free trade accounts.

Third, study the launch of trials of overseas investment by qualified domestic individual investors and expand the reflow channel for overseas investment of RMB.

Fourth, support the establishment of overseas equity investment funds according to law.

Fifth, improve the rules and mechanisms for financial assets trading on the basis of summarizing the experience of the Shanghai-Hong Kong Stock Connect.

Sixth, innovate financial regulation, explore the possibility of a unified regulatory system for domestic and foreign currencies, strengthen regulatory coordination of cross-department, cross-sector and cross-market financial businesses, and step up early warning, prevention and resolution of systemic risks.

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