China will continue to steadily expand the institutional opening-up of the financial sector and welcomes financial institutions from all countries to deepen their presence in the Chinese market and participate in China's development opportunities, said Chinese Vice Premier He Lifeng on Wednesday.
He Lifeng, who is also a member of the Political Bureau of the Central Committee of the Communist Party of China, made the remarks in his speech at the opening ceremony of the Lujiazui Forum 2026 in Shanghai.
He Lifeng pointed out the accelerating development of major global changes, the likes of which have not been seen in the past century, and said that the world economy and the global financial system are facing challenges.
According to him, China will remain firmly committed to pursuing a path of financial development with Chinese characteristics, without hesitation or deviation. It will fully implement the priorities set forth in the 15th Five-Year Plan for the period 2026-2030, serve high-quality economic development, and contribute to the stability of the global economy, He Lifeng said.
The Chinese Vice Premier emphasized that in the face of global development and governance challenges, the only viable path forward is one based on mutual respect, peaceful coexistence, and mutually beneficial cooperation, underpinned by international rules and multilateralism.
He Lifeng recalled that in recent years, China has adhered to the main line of strengthening risk prevention, improving regulatory oversight, and promoting the high-quality development of the financial sector. He added that China will continuously improve its financial legal and regulatory framework and firmly safeguard national financial security.
According to him, China is ready to cooperate with all parties to strengthen cooperation in global financial governance and jointly address risks and challenges.
He Lifeng also emphasized that Shanghai concentrates global financial resources and factors, and that its unique advantages as an international financial center are becoming increasingly evident. China will support Shanghai in piloting and experimenting with the development of offshore finance, accelerate the building of Shanghai as a global center for RMB asset allocation and risk management, and improve the facilitation of cross-border trade and investment.
Efforts will also be focused on further expanding and improving financial products, including loans, insurance, and bonds, such as marine insurance, and on supporting new breakthroughs and improvements in the development of Shanghai as an international financial center.
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