The People's Bank of China, the country's central bank, conferred with foreign financial institutions on Nov 6, vowing to further optimize the business environment and promote high-level financial opening-up.

During the meeting, PBOC Governor Pan Gongsheng elaborated on China's monetary policy stance and considerations for adjusting the framework. He also provided updates on the high-level financial opening-up and incremental financial policy package. Governor Pan engaged in discussions to address concerns raised by the participating institutions.

Representatives from foreign financial institutions believed that the PBOC has made positive strides in deepening financial reform and opening-up, optimizing the business environment, and improving the management of cross-border financial data flows. They expressed hopes for strengthened communication between financial authorities and the market, as well as the effective implementation of various incremental policies.

Pan highlighted that the country's recent incremental policies in the financial sector have greatly consolidated public confidence. He noted that the fundamentals of the Chinese economy, alongside favorable conditions such as a vast market, strong economic resilience, and enormous potential remain unchanged.

He added that the PBOC will strike a balance between the speed and quality of economic growth, between domestic and external considerations, and between investment and consumption. Steady progress will be made in promoting institutional opening-up of the financial service sector and the financial market.

At the meeting, representatives from 11 foreign financial institutions shared their views, including those from HSBC, Standard Chartered Bank, Citibank, JPMorgan Chase, and Morgan Stanley.