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China is ramping up the efforts to further open up its financial sector in a steady manner. The China Banking and Insurance Regulatory Commission announced on Sunday it had granted approval to the Munich-headquartered Allianz SE regarding its application to commence operational preparations for Allianz (China) Insurance Holding Co Ltd, the first foreign-funded insurance holding company in China.

China is expected to release and implement two updated foreign investment negative lists by June 30, a concrete move to further liberalize market access for foreign investors, the Ministry of Commerce said on Thursday.

China is already taking steps, and making large investments, to apply these principles to its cities.

China has slashed tariffs on imported vehicles from 25 percent to 15 percent and Xu expects the government to further cut this figure in the coming years.

China has set 2020 as the target to complete the building of a moderately prosperous society, which requires the eradication of poverty.