Commercial and financial district in Shanghai, China Photo: iStock
Commercial and financial district in Shanghai, China Photo: iStock

To achieve the transition from “rapid growth” to “high-quality development,” China must continue to deepen reform in all aspects of its economy and speed up the opening of its capital market, China Securities Journal reported, citing Fang Xinghai, Vice President of China Securities Regulatory Commission, in a securities and futures regulatory roundtable.

The meeting was co-chaired by Fang and Wang Zongzhi, Vice President of the Monetary Authority of Singapore. This is the second high-level dialogue meeting held by regulators of both sides after the first regulatory roundtable in Chongqing in April last year.

“At present, China enjoys a sound economic situation and a stable capital market,” Fang said. “The construction of the Belt and Road and internationalization of the renminbi have provided rare historical opportunities for the two countries to deepen their cooperation in capital markets. Both sides should take positive actions to promote mutual benefit and win-win economic and financial development.”

Wang said that in the medium and long term, the focus of global economic growth will be shifting to Asia. “Singapore is determined to make our financial market the gateway for global investors to invest in Asia,” he said.

“The globalization of capital markets require regulatory agencies to strengthen communication, coordination and enhance mutual understanding. The Monetary Authority of Singapore will continue to strengthen its cooperation with the CSRC, support the Belt and Road Initiative and the RMB internationalization process, and promote the sound and stable development of capital markets and economy in both places.”