CHINA’S central bank will strengthen efforts to stabilize trade and improve the business environment for foreign firms, its governor said Monday, adding to pledges among top leaders this year to open up to overseas investors.

People’s Bank of China Governor Pan Gongsheng stressed the central bank’s initiatives at a symposium attended by representatives from a slew of top foreign firms, including JPMorgan Chase & Co., HSBC Holdings, Deutsche Bank, BNP Paribas, UBS Group AG and Tesla Inc.

Pan’s remarks were detailed in a statement issued by the central bank.

Authorities will consider more measures to stabilize foreign investment and trade, Pan said. He pledged to continue optimizing the operating environment for overseas companies.

As China removed pandemic controls, its top leaders vowed this year to establish space for foreign companies to develop in the Asian nation. That goal was punctuated in March by Premier Li Qiang, who courted overseas companies with pledges to “unswervingly stick to opening up, regardless of changes to the global environment.”

As part of efforts to revitalize the private sector and attract foreign investment, the country’s top economic planner is setting up a dedicated department to promote private sector growth. In July, the government vowed to treat the private companies the same as State-owned enterprises.

China’s securities regulator recently pledged more measures to support capital markets and said it had met with investors including BlackRock Inc. and Bridgewater Associates to hear their suggestions.

The central bank last week cut the amount of cash lenders must hold in reserve for the second time this year — a move that will help banks support government spending and the government’s broader effort to stoke economic growth.

The central bank will push to improve the quality and efficiency of financial services and help create a business friendly environment, Pan said in the meeting.  (SD-Agencies)