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Zhou Xiaochuan, former governor of the People's Bank of China, said on Friday that China's financial sector is not too open at present, and there is still a lot of room for opening up; moreover, competition is beneficial and will not cause substantial damage to the market and financial institutions.
When he attended the Boao Forum for Asia, he said that looking at the proportion of foreign investment in the market of Chinese commercial banks, insurance, investment banks and securities firms, it would be found that the Chinese market is indeed very large, and Chinese financial institutions have been firmly established to a large extent.
"Finance is a competitive service industry, to participate in competition is good for improving services, and it is also a training and growth for oneself," Zhou Xiaochuan said.
He believes that the scope of business done by financial institutions should also be expanded. One-way financial licensing should also consider the need to liberalize. There is also a lot of room for development in this regard. For example, after the liberalization of the corporate bond market, foreign institutions hope to do corporate bond business, especially underwriting business, which can be liberalized.

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