In 2013, China overtook the US to become the world’s largest trading nation. In 2018, the imports and exports of China accounted for 10.8 percent and 12.8 percent of the world’s total respectively. China has been regarded as the largest trading partner by over half of the world countries.
Compared with the production and exchange of commodity goods, the opening-up of China’s service industry has been relatively lagging behind. The financial sector is a vital part of the service industry and needs to further open up to better serve the real economy and people’s lives. In 2018, 15 pieces of opening-up measures in the banking and insurance sectors were announced.