April 1 What does full financial opening mean?

Recently, the internet has been paying attention to the epidemic situation, ignoring a major event that will happen in the near future, that is, the financial market will be fully opened in April. The financial market is open because it is an obligation that China needs to fulfill after its entry into WTO. After years of development, China's financial institutions have certain strength to face the challenges brought by the opening of financial markets. This financial opening is the opening of financial services, that is, securities companies, futures companies, insurance companies and credit rating agencies. There will be no capital restriction for foreign related institutions to operate in China market, and they can set up wholly-owned subsidiaries or completely acquire domestic related institutions. What impact will this financial opening have on China? As far as the industry is concerned, because the banking industry is unsafe and closed, the foundation of the financial market will not be shaken. For financial institutions such as securities, futures and insurance companies, such institutions mainly rely on channels and resources. For large institutions, the challenge is not great, but for small institutions or newly established institutions, they will face greater pressure because of poor brand awareness and rich resources. In terms of credit rating, the most important thing is to be objective and reasonable. If there are political factors, it will have a negative impact on China's financial market. In addition, there are some specific business gaps, especially the pricing power of IPO business. For a long time, China's IPO pricing is not completely market-oriented, and the listing price is supervised by the regulatory authorities, while Europe and the United States are completely market-oriented in this respect, so as to maximize the interests of listed companies as much as possible. Domestic brokers have certain disadvantages in this respect, and IPO business will face certain crowding out in the early stage. In short, the opening of financial markets is both an opportunity and a challenge. I believe that financial institutions in China will seize the opportunity and meet the challenges.