CHINA will sharply expand market access for foreign banks and securities and insurance companies, especially in its financial services sector, Premier Li Keqiang said Thursday.

The government will also work on more favorable policies for foreign investors to trade Chinese bonds, Li said in a speech at the annual Boao Forum held in Hainan.

“We are quickening the full opening of market access for foreign investors in banking, securities and insurance sectors,” he said.

Li’s remarks add to speculation that China may soon announce new rules that will allow foreign banks and insurance firms to increase their presence in China, as senior officials from China and the United States are due to meet in Beijing this week for the next round of trade negotiations. China has pledged to further open its massive financial markets to foreign investors since last year.

Li said the business scope of foreign banks, as well as market access for credit rating companies, bank card settlements and non-bank card payments, will all be “expanded sharply,” with restrictions on the scope of foreign securities companies and insurance brokers expected to be removed.

“Such measures will be implemented this year in a relatively forceful way,” he said.

Li said China will also announce policies to help foreign investors to invest in and trade China’s bonds, just before Chinese bonds’ inclusion in the Bloomberg Barclays Global Aggregate Index, one of the most widely tracked in the world, scheduled to start on Monday.

China has eased foreign access to its US$13 trillion bond market in recent years, especially through the Hong Kong-based Bond Connect program.

Li added China will also issue “more favorable” rules for foreign acquisitions of Chinese listed firms. (SD-Agencies)