China Policymakers Pledge to Continue With Financial Opening

China’s policymakers and top regulators vowed to continue its opening up to foreign investors and firms, in their first public appearances with global financial luminaries at a major conference in Hong Kong.
Speaking at Hong Kong’s third annual Global Leaders’ Investment Summit, Vice Premier He Lifeng as well as the regulators all emphasized the health of the Chinese economy and its openness to foreign investors. They also vowed to deepen mutual market access to Hong Kong.
Recent stimulus measures released by China “have proved effective,” He said in front of bank and investment executives from around the world.
China has rolled out a raft of stimulus measures since September to put the domestic economy back on its feet, followed by a promise to use more “forceful” fiscal policies next year to drive growth. It also marks the first physical attendance of Chinese policymaker and regulators at the HKMA summit where they used to give pre-recorded speeches remotely. 
Chinese officials have ratcheted up the frequency of interactions with global banks in recent weeks to gather their perspectives on the nation’s stimulus measures, Bloomberg News reported earlier. The securities regulator has especially had an interest in revisions global banks make to their economic forecasts and analyzing daily flows to understand foreign investment trends, people familiar with the matter said. 
He’s speech was followed by a panel with the head of the National Financial Regulatory Administration, Li Yunze, China Securities Regulatory Commission Chairman Wu Qing, and Deputy Governor of the People’s Bank of China Zhu Hexin. 
All three underscored China will continue with its financial reforms and use Hong Kong as a bridge to global markets. 
“We welcome foreign investors to invest in China and share the dividends of China’s economic development,” Zhu said. China will continue to deepen mutual market access with Hong Kong and optimize connect programs for stocks, bonds and wealth management products and actively support Hong Kong to develop its offshore yuan market, he said. 
Following the debut of Chinese officials, bank heads will host other panels including Citigroup Inc Chief Executive Officer Jane Fraser, Morgan Stanley Chief Executive Officer Ted Pick, Goldman Sachs Chief Executive Officer David Solomon, JPMorgan Chase & Co President Daniel Pinto and more, the HKMA agenda shows.
The initial spate of monetary easing, which included cutting a short term policy rate and interests on existing mortgages, has started to filter through the economy with data for October showing a rebound in consumption. President Xi Jinping had expressed “full confidence” in meeting China’s 2024 growth target of around 5%. 
China ramped up its fiscal support earlier this month with a 10 trillion yuan debt swap program to help its indebted local governments, but stopped short of unleashing new stimulus to save room to respond to a potential trade war when US President-elect Donald Trump takes office in January. 
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