At the same event, Cao Yu, vice chairman of the China Banking and Insurance Regulatory Commission, was quoted by the Shanghai Securities News as saying China would respond to the demands of foreign financial institutions and promote the common development of Chinese as well as foreign-funded banking and insurance entities.
China has been stepping up efforts to woo foreign companies and investors to aid an economic recovery after the dismantling of its zero-COVID policy late last year. It has sped up fund license approvals for foreign asset managers in recent months. Lou also commented on the recent collapse of Silicon Valley Bank, saying Chinese authorities attached great importance to preventing and resolving systemic risks and were trying to improve financial supervision with the creation of a new financial regulatory body.
"We will also continue to cooperate with the financial
regulatory agencies of other countries to jointly prevent and
resolve systemic risks in the global financial system and
maintain the stability and prosperity of the global financial
market," he added, according to the newspaper.
(Reporting by Brenda Goh; Editing by Lincoln Feast.)
