By Zhang Liping & Chen Ning, Research Team on “Basic Approach and Major Measures for Going Global during the 14th Five-Year Plan Period”, DRC

Research Report, No.352, 2021 (Total 6417) 2021-11-24

Abstract: To expand foreign access to finance has always been an integral part of China’s opening-up policy and it is an important approach to making full use of the domestic and global markets as well as respective resources both at home and abroad. Since the 18th CPC National Congress, China’s finance has ushered in an accelerated, independent and two-way opening-up period and China’s financial internationalization level has become remarkable enhanced. Currently, China has entered a new development stage for financial sector to go global. The sector needs to grasp the opportunities of accelerated strategic transformation in the financial field, deepened regional cooperation, and the rise of emerging countries. Amid the fierce Sino-US strategic competition, China’s financial sector is expected to resolve the challenges such as inadequate global competitiveness and insufficient high-caliber personnel for China’s financial institutions, optimize their foreign investment and overseas layout, and enhance the level of RMB internationalization and the global influence of international financial centers. To this end, for the follow-up financial opening-up, it is necessary to stick to the new development principle, shift the focus from scale expansion to quality improvement, and strive to refine top-level design and the use of regional cooperation framework, further reform and opening-up and the improvement of supportive polices for high-quality opening-up.

Keywords: financial internationalization, new development stage, global cycle