As of end-June, 71 foreign-funded banks have opened 214 operational institutions in China; in particular, 25 cities have been opened for corporate RMB business; 26 foreign financial institutions have made equity investment in 18 domestic banks totalling $ billion; 23 joint-venture fund management companies and 8 joint-stock securities companies have been established; 42 foreign entities have become QFIIs.
China has not only honored the WTO accession commitments seriously, but also promoted, at its own initiative, RMB convertibility under the capital account by reducing or removing restrictions on capital account items in line with the economic and financial development situation. Opening-up is one of China’s fundamental state policies.