Economists and experts from around the world gathered at a session at the 2019 New Economy Forum held in Beijing on Thursday. Photo: Courtesy of New Economy Forum

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

China is undertaking reforms, 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 the yuan will offer people more choices in trade activities, she said at the forum.

The forum gathered hundreds of world-renowned economists and experts in Beijing to give a comprehensive discussion of the current economic issues around the world, as well as problem solving.

The opening up of the financial markets goes in both directions, and allowing overseas capital to enter the Chinese market would offer investors a share of the leading emerging market's rapid development. This is in line with China's policies to promote the integrated development of the world, such as the Belt and Road Initiative, Xu Lin, chairman of the board of directors of the US-China Green Fund, told the Global Times.

As one part of the opening-up of China's services sector, the financial service industry could benefit. The process will bring in more mature multinational financing companies and the competition will help the domestic industry become more efficient, Xu said.

Once China opens its financial market wider to foreign investors, the country's equity market will have the potential to become the largest in the world, said Wang Huiyao, founder and president of the Beijing-based independent think tank Center for China and Globalization.

This process will also help ease the 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 with Hong Kong and Macao. The accelerated opening-up is also in line with the integration of the Guangdong-Hong Kong-Macao Greater Bay Area.




Newspaper headline: Nation's financial services sector attractive: New Economy Forum