Faster opening-up supported financial innovation in China  Since China’s WTO accession, opening up of the financial sector has brought into China advanced financial technology, service and product design philosophy and boosted innovation in the sector. First of all, opening-up has benefited the innovation of financial organization system.
The Chinese financial sector has innovated in and improved financial organization by learning from the advanced international experience and based on the scientific development approach. The ICBC, CCB, Bank of Communications and other commercial banks were allowed to experiment in establishing fund management companies. Cross-sector operation has also made steady progress.