Foreign institutions key to China's modern financial system

Foreign institutions are important participants and active contributors to the construction of China's modern financial system, Li Yunze, head of the National Financial Regulatory Administration, said on June 18.

Li made such comments during the two-day Lujiazui Forum held in Shanghai.

To date, 42 out of the world's top 50 banks have set up operations in China. Nearly half of the world's 40 largest insurance companies have entered the Chinese market, Li disclosed the data on June 18.

Meanwhile, nearly 80 percent of China's banks with nationwide operations have introduced overseas strategic investors, effectively improving their corporate governance and management level. Chinese and foreign financial service providers have complemented each other through cooperation and competition, enriching the types of financial institutions and product supply, he said.

Experience has shown that foreign institutions are important bridges and ties via which capital, knowledge and technology are introduced into China, he added.