BEIJING - China's banking regulator pledged its backing for Hong Kong as a finance hub and reiterated a commitment to opening up the Chinese financial sector amid a deepening standoff with the United States.
A new national security law has fuelled concerns about the state of Hong Kong's autonomy from China, including freedoms of the press and the independence of its judicial system. Both have helped underpin Hong Kong's reputation as a global financial hub. "Hong Kong's status as an international financial centre will not be weakened and shaken, but it will become more prosperous and stable in the future."
"It is expected that more foreign institutions will participate in China's financial market in the coming period and become a viable force for the high-quality development of China's financial industry," the CBIRC said. The banking industry plans to dispose of 3.4 trillion yuan of non-performing assets this year, or 1.1 trillion yuan more than last year to strengthen their balance sheet.
Source: News Formal (newsformal.com)
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