The China Banking Regulatory Commission says China will increase the competitive edge of its financial sector by opening up more to the outside.

An official from the commission said recently that the opening up of the financial sector is not only aimed at attracting foreign capital, but also to introduce advanced management experience and technologies.

China will gradually grant foreign-funded financial enterprises the same treatment domestic companies receive to promote fair competition between Chinese and overseas firms in the sector.

By the end of September last year, foreign-funded banks had opened 283 branches in China.