Supporting the Construction of A Financial Powerhouse Through High-Level Opening Up of the Financial Industry:Practical Foundation,Practical Constraints,and Strategic Approaches
The Central Financial Work Conference has clearly put forward the strategic objective of building China into a financial powerhouse,with high-level financial sector opening up as a key component.Such opening up promotes the construction of a modern financial institution system with Chinese characteristics,drives high-qual-ity financial development,enhances global financial resource allocation and linkage capabilities,and improves the financial regulatory system,thereby contributing to the construction of a financial powerhouse.Over the past four decades of opening up,China's financial sector has achieved phased achievements,such as the establishment of an institutional framework for foreign capital market access,the development of a dual-direction opening up pattern of"bringing in"and"going out"for financial institutions,the pilot mechanism relying on open platforms,and the gradual integration into the global economic and financial governance system.However,it also faces practical chal-lenges at the same time,such as the lack of influence over international financial rule-making,obstacles for Chinese financial institutions in expanding overseas,barriers for foreign financial institutions operating in China,lack of follow-up supporting measures,and the emergence of multidimensional financial risks.To address these challenges and accelerate the construction of a financial powerhouse,China must take action in five key areas:ex-panding institutional opening up in the financial sector steadily,enhancing the capability of Chinese financial institu-tions to expand globally,eliminating barriers to foreign financial institutions entering the Chinese market,coordina-ting the capital account opening and RMB internationalization,and making an overall planning for high-level finan-cial opening up and financial security.