Headquarters of the People's Bank of China in Beijing File photo: VCG

China released guidelines to deepen financial reform and further open up its financial sector on Wednesday, including measures to open up the credit rating sector, and moves to steadily promote the development of the panda bonds market.

The guidelines were among 11 measures released on the official website of China's central bank, which will be rolled out soon in an effort to deepen financial reforms and further open up the country's finance market.

In the credit rating sector, China will allow qualified international rating agencies and private rating agencies to develop bond rating businesses in the country and encourage domestic rating agencies to actively expand international business, according to the measures.

China allowed Fitch Ratings to enter its credit rating market in mid-May, making Fitch the second foreign credit rating agency allowed to enter the Chinese market. In 2019, S&P Global was the first foreign company to be allowed to enter China's credit rating market.

It also vows to further improve the disclosure requirements of panda bonds, refine the panda bond issuance rules, encourage issuers with real RMB capital needs to issue bonds, and steadily promote the development of the panda bond market.

The measures also include accelerating capital replenishment of small and medium-sized banks and intensify crackdown on financial irregularities.