THE country’s financial services market should be opened further to foreign competition, but liberalization of cross-border capital flows should be done more cautiously, an adviser to China′s central bank said at a forum Sunday.

Financial opening-up should also an orderly process to control any risks that could arise, said Huang Yiping, a member of a member of the People′s Bank of China′s monetary policy committee.

“I think our financial services market should open further. But we should be more cautious with the capital account, with capital flows,” said Huang.

China has pledged to open its capital account further, but has proceeded cautiously due to concerns capital outflows could increase, putting downward pressure on the yuan.

Commenting on the fintech industry at the same forum, the head of Beijing′s financial office Huo Xuewen said that China needed more competition from foreign financial institutions in order to make China′s financial technology industry stronger.

Chen Wenhui, the vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said at the forum that the falling market share of foreign banks in China is “not a good thing.”

Central bank governor Yi Gang said last month that China would allow domestic and foreign firms to compete on an equal footing and would expand the business scope for foreign banks in China. (SD-Agencies)