China to significantly broaden market access: Xi

China will launch a number of landmark measures this year to significantly broaden its market access, President Xi Jinping said Tuesday.

Xi made the remarks while delivering a keynote speech at the opening ceremony of the Boao Forum for Asia annual conference in the southern island province of Hainan.

The opening ceremony of the Boao Forum for Asia annual conference is held on April 10, 2018, in the southern island province of Hainan. [Photo: Xinhua]

Late last year, China announced that measures would be taken to raise foreign equity caps in the banking, securities and insurance industries.

"We will ensure that these measures are materialized," Xi said.

China will accelerate the opening-up of the insurance industry, ease restrictions on the establishment of foreign financial institutions in China and expand their business scope, and open up more areas of cooperation between Chinese and foreign financial markets, he said.

On manufacturing, he said China has basically opened up this sector with a small number of exceptions on automobiles, ships and aircraft. "These industries are now in a position to open up. Going forward, we will reduce as soon as possible limits on foreign investment in these industries, automobiles in particular," Xi said.