PBOC Financial Stability News

Governor Yi Gang on Financial Sector Opening and High-Quality Growth

Governor Yi Gang delivered a policy speech at the China Development Forum on March 24, 2019, outlining China's financial sector opening-up achievements in 2018, including improved market access for foreign financial institutions such as UBS (which increased its stake in UBS Securities to 51%), Allianz (approved for the first foreign-controlled insurance company in China), and Standard and Poor's (granted a credit rating license). The speech also covered the expansion of onshore bond, stock, and derivatives market access, noting that overseas investment in China's bond market increased by nearly 600 billion yuan in 2018, bringing outstanding overseas bond investment to 1.8 trillion yuan. The Governor reaffirmed that further financial sector opening is an independent policy choice essential for financial sector development and supply-side structural reform.

Yi Gang Remarks on Belt and Road Financial Cooperation

PBOC Governor Yi Gang delivered opening remarks at the Belt and Road Forum's Financial Connectivity Thematic Forum in Beijing on April 25, 2019, providing an update on BRI financial support over the prior two years and outlining future directions for investment and financing cooperation. According to PBOC statistics, Chinese financial institutions have provided more than US$440 billion for BRI, with over RMB320 billion channeled through RMB Overseas Fund Business and China's capital market providing over RMB500 billion in equity financing. The speech covered five key areas: funding support systems, financial services sophistication, international cooperation, green development principles, and capacity development.

China-IMF Capacity Development Center Belt and Road Training Report

President Xi Jinping and the IMF jointly established the China-IMF Capacity Development Center (CICDC) in May 2017, formally inaugurated in April 2018, with the PBC coordinating preparations. Over the past year, 20 training sessions and workshops have been conducted, with over 600 participants from nearly 40 Belt and Road countries trained in macroeconomic policy frameworks, debt sustainability analysis, and financial sector development. Training covered four categories: macroeconomic management, debt sustainability, financial reform and development, and overseas workshops held in Mauritius, Georgia, and Austria.