A passenger walks by an Alipay building in the Lujiazui financial center in Shanghai. Photo: IC

China's financial services market will be opened wider to overseas investors and will greatly aid the world economy, foreign and Chinese experts said at the 2019 New Economy Forum held in Beijing on Thursday.

China is undertaking an array of reform measures, including opening up its financial services market to the rest of the world, economist Ngozi Okonjo-Iweala, who has served twice as Nigeria's finance minister, told the Global Times.

It's of significance for the world, and China's efforts to liberalize its currency, the yuan, will offer people more alternative choices in trade activities, she said.

Once China opens its financial market wider to foreign investors, the country's equities market will have the potential to become the largest in the world, said Wang Huiyao, president of the Center for China and Globalization.

Allowing increased foreign capital into China will also help improve the efficiency and competitiveness of China's banking sector, while easing financing difficulties faced by small and medium-sized enterprises, Wang said.

The China (Hainan) Pilot Free Trade Zone is encouraging more private capital in its financial sector and improving financial cooperation between itself, Hong Kong and Macao. The accelerated opening-up is also in line with the integration of the Guangdong-Hong Kong-Macao Greater Bay Area.