China's ongoing opening-up in the financial sector is creating new global and domestic growth opportunities by expanding institutional access, internationalizing the renminbi (RMB or the Chinese yuan), and deepening cross-border investment channels, said Benjamin Hung, international president of the Standard Chartered Bank.
The Standard Chartered Bank is among the first batch of foreign banks locally incorporated in China in 2007 and ever since then, the global financial giant has gained a lot of licenses, expanding its presence in the country.
"We now can deal with retail customers. We have RMB licenses. If you talked about what all these licenses, what they do is, fundamentally, to help us better prepared to help MNCs come into China, but increasingly helping Chinese corporates to go outside. China remains to be very much of a growing economy that still remains to open up further by its financial services, into capital accounts, in RMB. And I think the future is going to be phenomenal into the opportunities," Hung said.
Hung said that though China still runs a deficit in service trade, the country is working to narrow the deficit by providing more high-value services to the rest of the world.
"China, the last 30 years, has been like a miracle when it comes to infrastructure development in terms of its build-out capability. In planning, in financing, in operating infrastructure, it's second to none. Now, if you compare that with a lot of emerging markets, there are in dire need for greater infrastructure. And this is exactly where China can start to export these know-how and knowledge to the emerging markets," he said.
Hung was in Beijing for the 2026 China International Fair for Trade in Services (CIFTIS), which opened Wednesday in the Chinese capital for a five-day run.
China's financial opening-up unlocks new opportunities: Standard Chartered
China has launched a 24-hour English-language hotline for families of those still listed as missing in the devastating mudslide and floods that struck a border zone between the Xizang Autonomous Region of China and neighboring Nepal on August 26, receiving nearly 600 calls in two weeks since its entry into service.
As search and rescue operations enter their third week, Kelsang Chudzong, director of the Protocol and Information Division at the Foreign Affairs Office of the Xizang Autonomous Region, said that the primary concerns of victims' families have somewhat shifted.
"In the early stage, family members of foreigners still listed as missing were mainly concerned about the progress of our search-and-rescue efforts, as well as verification of information about missing relatives and friends. As search and rescue work moves forward, they are more concerned about matters related to DNA sampling," Kelsang said.
The catastrophic flash flood and mudslide triggered by a glacial collapse on the Nepalese side struck the remote China-Nepal border region on Aug 26 morning, causing heavy casualties and leaving thousands of people missing. The hardest-hit Chinese part of the border region lies in Gyirong, Xigaze.
Kelsang also noted that family members were concerned about the procedures for foreign relatives traveling into Xizang, as well as other related follow-up processes.
The hotline has been operational since the end of August. Together with colleagues in Xigaze, the team manning the hotline has taken nearly 600 calls as of Wednesday.
In the past few days, calls from families of people still listed as missing on the Chinese side have gradually decreased. But the team continues to stay by the phone 24/7.
"We listen very patiently to every caller's needs and carefully record every piece of leading information. In the process, we do our utmost to provide emotional support and reassurance to these family members," Kelsang said.
She said that the team has established a "one person, one file" system which lays the groundwork for follow-up tasks, and that the team members will continue to do what they can to contribute to the ongoing relief and rescue work.
Hotline for missing people after deadly Nepal avalanche tops 600 calls
