Foreign institutions key to China's modern financial system

Foreign institutions are important participants and active contributors to the construction of China's modern financial system, Li Yunze, head of the National Financial Regulatory Administration, said on Wednesday.

Li made such comments during the two-day Lujiazui Forum held in Shanghai.

As of this date, 42 out of the world's top 50 banks have set up operations in China. Nearly half of the world's 40 largest insurance companies have entered the Chinese market, Li disclosed the data on Wednesday.

Meanwhile, nearly 80 percent of China's banks with nationwide operations have introduced overseas strategic investors, effectively improving their corporate governance and management level. Chinese and foreign financial service providers have complemented each other through cooperation and competition, enriching the types of financial institutions and product supply, he said.

Experiences have proven that foreign institutions are important bridges and ties via which capital, knowledge and technologies are introduced into China, he added.