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Time:March 23-25, 2019
Beijing Diaoyutai State Guesthouse
Sponsor:Development Research Center of the State Council
Organiser:China Development Research Foundation
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Further Opening-Up China’s Financial Sector: Strengthening Market Reform and Regulation

Roy Gori

President and CEO, Manulife Financial

Executive Summary

Over the past several decades, China has worked to strengthen financial regulation and liberalize financial markets. More recently, the Chinese government has wisely undertaken a policy campaign to deleverage the financial sector, which focused on reducing risks related to shadow banking activity and begun to address the challenges associated with an aging population. In doing so, the Chinese government made important progress toward mitigating future potential risks.

This paper suggests some further areas where the Chinese government might consider utilizing effective and progressive regulation to reduce risk and implement further reform and opening-up. Progressive regulation refers to regulatory efforts that balance regulatory control and industry growth. Progressive regulations could be used to further level the playing field for the Chinese financial industry, encouraging investment by foreign companies such as Manulife and contributing to the prosperity of the Chinese nation.

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