China will support the Southwest Chongqing municipality in playing a bigger role in the country's financial opening-up, according to Shanghai Securities News.
The municipality will enjoy greater support to further expand access to its financial industry and promote the sector's opening-up, Chen Yulu, vice-governor of the People's Bank of China, the country's central bank, was quoted as saying Monday at the China-Singapore (Chongqing) Connectivity Initiative Financial Summit 2020 held in Chongqing.
In particular, financial cooperation with countries along the Belt and Road will be deepened, Chen added.
A major city of the Yangtze River Economic Belt, Chongqing plays a prominent role in connecting Europe and Asia under the Belt and Road Initiative, thus enjoying strategic significance and geological advantages amid the country's efforts to forge a new development paradigm.
Financial cooperation between the municipality and the Association of Southeast Asian Nations (ASEAN) will also be facilitated as the bloc has become China's largest trading partner this year, according to Xuan Changneng, deputy director of the State Administration of Foreign Exchange.
Foreign exchange departments will help Chongqing push high-quality two-way opening-up of the financial market, with measures to explore piloting the Qualified Domestic Limited Partnership program and mutual recognition of funds with the ASEAN, Xuan added.
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