Promoting China's financial market reform and innovation with opening-up policies

Market-oriented development philosophy and international financial market practices are key drivers for the prosperity of China's financial market. Now China's financial market has evolvedto a vast market that global investors cannot ignore. Compared to international developed markets, openness of China's financial market is lack of coordination among sub-markets as well as absence of a harmonized means of opening-up. In foreseeable future, promoting development of the China's financial market with opening-up policies will be a necessity for strengthening China's competitiveness in the international market. China must take initiatives, adopt an inclusive and cooperative attitude to financialaffairs, and adjust its self-focused strategy of opening up. By adapting to international conventions and the best practices, China will gradually play acentral role in the international financial architecture, leading to an improved pattern of domestic reform and opening-up.