(Yicai Global) Oct. 26 -- Most of China's plans, announced by President Xi at the Boao Forum earlier this year, to ease access to the country's financial sector have now been implemented, the deputy governor of the central bank has said.

The opening up of China's financial industry provides rich business opportunities for foreign financial institutions, Chen Yulu, deputy governor of the People's Bank of China, said at a high-level forum marking the 40-year anniversary of the country's original economic reforms. The move also promotes competition and the reform of domestic financial markets and enhances market vitality, he added.

The changes provide a solid foundation for boosting China's financial cooperation in Asia. The results of multilateral cooperation have emerged, effectively bolstering regional financial stability and promoting regional development, he said. China will unswervingly push forward reforms for the financial industry and continuously enhance the contribution of financial services to the real economy.

He also said that the recent easing of access to the financial industry is an important part of China's reform and opening up. A modern financial system in China is taking shape and fruits of reform and development will benefit more groups, especially the disadvantaged. The financial industry cannot serve only a small number of people, he said, adding that it is necessary to attach great importance to financial services in key areas and address weak links such as small and micro enterprises, private enterprises, as well as agriculture, rural areas, and poverty alleviation.

Chen also said that China will provide more room for the establishment of foreign institutions in terms of shareholder qualifications, business scope and shareholding ratio, while steadily promoting the process of capital account convertibility and boosting the use of the yuan in cross-border transactions.

Editor: William Clegg