China 'will open doors wider'

China will open its doors wider to the world in the future and not the other way around, a former head of the country's top financial regulator said yesterday.

China Banking and Insurance Regulatory Commission's former chairman Shang Fulin told the Asian Financial Forum that "internal circulation," which was first raised by President Xi Jinping in 2020, was not aimed to closing the economy, but rather at tapping into the resources of both domestic and external markets as well as promoting international cooperation.

Speaking at the same event, which was held online this year, Ashley Alder, the chief executive of Securities and Futures Commission, said more quantitative ESG reporting is needed so that regulators can monitor the progress of sustainability in different industries more effectively.

The International Financial Reporting Standards Foundation is currently working on an unified ESG reporting standard, which he hopes could be launched later this year, so as to mitigate "greenwashing" behaviors by increasing the consistency and comparability of the standard.

Greenwashing is referring to misleading or deceiving consumers into believing that a company's products are environmentally friendly.

Meanwhile, Edward Moncreiffe, chairman of the Hong Kong Federation of Insurers, suggested at the same event that the Insurance Authority should provide incentives for insurers to invest in green assets.