China needs to step up global financial integration

29 September, 2020 12:00 AM printer

Shanghai: China needs to further open its capital markets and financial industry to avoid being globally isolated,a senior foreign exchange regulator said on Saturday.

China will conform to international rules to promote further integration of its capital markets, and continue interest rate and exchange rate reforms in a steady and prudent manner, said Lu Lei, deputy director of the State Administration of Foreign Exchange (Safe), during an industry forum in Shanghai, report agencies.

“China should use a higher level of opening to counter the risks of blockade and containment,and actively embrace,and integrate into the global financial system,” Mr Lu said.

Beijing is accelerating financial market deregulation as intensifying Sino-US tensions raise concerns about the risks that China decouples economically and technologically with the rest of the world.