development of china's financial opening up and suggestions
china's economy has made remarkable achievements in its opening-up endeavor，and grown into the world's second largest economy. china is also the world's largest manufacturing country，and a major trading partner of all countries. with the long-term and stable development of china's economy，china's financial industry is also growing. china's financial sector not only has a huge commercial banking system，but also has the world's second largest stock market，the second largest bond market and green bond market. the breadth and strength of the opening-up of the financial sector has been continuously enhanced. it is becoming an imperative part of the world economic and financial development.
china's financial opening up process in recent years
china's financial opening up has made significant achievements，which is also reflected in various aspects of cross-border finance. with regard to cross-border financing，china has established a full-caliber cross-border financing macro-prudential management，which has enabled chinese enterprises and banks to better participate in the international financing market. when it comes to cross-border investment，china has not only encouraged foreign direct investment for a long time，but also has various financial opening up arrangements and reasonable guidance for chinese enterprises' outbound investment in recent years. china's foreign investment reaches an unprecedented scale. by the end of 2021，china's stock of foreign direct investment was us$2.79 trillion，ranking among the top three in the world for five consecutive years. in 2021，china's two-way investment scale is basically equivalent.
china's financial opening up is also reflected in the construction of free trade zones that began in 2013. up to now，china has established 21 pilot free trade zones. those zones actually utilized foreign capital of 213 billion yuan，and achieved total import and export of 6.8 trillion yuan. in free trade zones，we have used less than four thousandths of our country’s land to achieve 18.5% foreign investment and 17.3% import and export. in 2021，china also launched the country's first negative list in the field of cross-border service trade，namely the negative list of cross-border service trade in hainan free trade port. the establishments of free trade zones，free trade ports and negative lists have also further promoted china's financial opening up.
