CHINA FOREX: What specific measures did the Capital Account Management Department implement in 2024 to facilitate high-standard capital account opening-up while supporting the real economy?

XIAO Sheng: In 2024, the Capital Account Management Department implemented the directives of the Central Committee of the Communist Party of China (CPC) and the State Council, adhering to the principle of pursuing progress while ensuring stability. The department effectively balanced openness with security, advancing reforms in direct investment and external debt management. It systematically advanced institutional opening-up in the securities sector while strengthening cross-border investment facilitation and risk management capabilities. These measures supported high-quality development through high-standard financial opening-up. Key initiatives are as follows.