Foreign-funded banks and insurance firms now hold over seven trillion yuan (about 970 billion U.S. dollars) in total assets in China, underscoring the continuing appeal of China's financial sector amid ongoing market opening up, according to China's top financial regulator Li Yunze on Wednesday.
Addressing the opening ceremony of the 2025 Lujiazui Forum in Shanghai, Li, head of the National Financial Regulatory Administration, said that 42 of the world's top 50 banks have established operations in China, along with nearly half of the world's 40 largest insurance firms.
"China's financial opening up not only benefits China itself, but also provides global capital with valuable opportunities for asset distribution. Foreign-funded banks and insurance firms in China now hold total assets exceeding seven trillion yuan (970 billion U.S. dollars), with steady growth across businesses," Li said.
"For example, the share of premiums held by foreign-funded insurance companies in China's domestic market has increased from 4 percent in 2013 to 9 percent today. Foreign-funded banks now account for nearly one-fifth of the domestic derivatives market. At the same time, Chinese-funded financial institutions have established a wide presence in more than 70 other countries and regions, actively promoting bilateral trade and mutual investment," he said.
The Lujiazui Forum was created in 2008 as a high-level global platform for government officials, world financial leaders and outstanding scholars to discuss and foster international financial cooperation and further the financial reform and market opening in China. Named after Lujiazui -- the financial district of China’s financial hub Shanghai, the forum also symbolizes Shanghai’s vision of becoming a leading international financial center.
With the theme of "Financial opening up and cooperation for high-quality development in a changing global economy," the two-day 2025 Forum officially opened in Shanghai on Wednesday morning, gathering more than 70 policymakers, regulators, and financial leaders from over ten countries and regions.
Foreign-funded firms' assets in China top 7 trillion yuan: top financial regulator
Foreign-funded firms' assets in China top 7 trillion yuan: top financial regulator
Foreign-funded firms' assets in China top 7 trillion yuan: top financial regulator
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
China, Lesotho to strengthen exchanges, advance cooperation
