Financial opening-up in full swing despite virus

China's efforts in financial opening-up remained in full swing despite the novel coronavirus outbreak, according to the People's Bank of China, the central bank, on Monday.

"Since the epidemic broke out, the financial system has not only spared no efforts to support epidemic control and work resumption, but continued putting financial opening-up measures into place without a pause," PBOC Vice-Governor Chen Yulu said.

For instance, the PBOC released a guideline regarding speeding up efforts to build Shanghai as an international financial hub on Feb 14, and approved the application of MasterCard to set up a domestic bank card clearing institution on Feb 11, Chen said at a news briefing on Monday.

2020 is a key year for China financial opening-up, he said, as the nation has pledged to remove the foreign ownership cap on securities, fund management and futures joint ventures by the end of the year, one year ahead of schedule.

The central bank is aiding in revising related laws and regulations to ensure commitments are fulfilled on time.

"The international society has spoke highly of China's measures to widen financial opening-up amid the pressing battle against the epidemic," Chen said.