Pan Gongsheng: Will Steadily Promote High-Level Opening-Up of the Financial Sector

On March 22, Pan Gongsheng, Governor of the People’s Bank of China, stated at the 2026 China Development Forum that we will steadily promote high-level opening-up of the financial industry. We will deepen financial market connectivity, cross-border payment systems, and facilitate more investors to invest in China’s financial markets. China’s stock and bond markets are both the second largest in the world, with market depth, resilience, and liquidity continuously improving. By the end of 2025, overseas institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, deposits, and loans. We welcome foreign investors to participate in and invest in China’s financial markets. In recent years, the internationalization of the renminbi has made positive progress, providing more diversified currency options for domestic and foreign entities. Currently, the cost of renminbi financing is relatively low. By 2025, the issuance of Panda bonds by governments, international development agencies, financial institutions, and large enterprises will exceed 170 billion yuan, with offshore renminbi bonds issued in Hong Kong being even larger. We will continue to improve the cross-border use system of the renminbi and build financial infrastructure. We will carry out diversified monetary and financial cooperation, promote the development of the offshore renminbi market, and facilitate cross-border trade and investment activities. (People’s Bank of China)