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Xi restates commitment to reform, opening-up at forum

President Xi Jinping said China is determined to offer even broader market access for foreign investors in the services industry, especially in the financial sectors, and announced new opening-up and reform measures at the opening ceremony of the annual conference of the Boao Forum for Asia.

"China will be widening the business spectrum for foreign financial institutions and also expand the cooperation areas of Chinese and foreign financial markets," Xi said, addressing more than 2,000 politicians, business and media leaders and scholars at the four-day event, which started Sunday in South China's Hainan province.

Following China's measures announced in the end of last year to reduce the capital ratio of foreign investors in the securities, banking and insurance businesses, China will be providing more market access for foreign investors in the insurance sector, Xi said.

Xi also said China's manufacturing industries have been basically opened to foreign investors excepting some restrictions in auto, ship and plane-building sectors.

"We have the basic foundation to open these sectors to foreign investors now and for the next step, we will take swift steps to reduce the capital ratio restriction for foreign investors, especially in the auto manufacturing sector," Xi said.

Xi said China will be paying equal attention to "bringing in and going global."

Speaking at the conference, which has the theme of "An Open and Innovative Asia for a World of Greater Prosperity," Xi also summarized China's successful experiences of its opening-up and reform efforts over the past four decades.