Mainland authorities will boost efforts to attract foreign firms to China, the nation's top financial regulator said on Wednesday.

"The Chinese mainland will not change its policy to enhance efforts to attract and utilise foreign capital into its financial industry," Li Yunze, head of the National Financial Regulatory Administration (NFRA), said at the Asian Financial Forum in Hong Kong.

"The direction of providing a better business environment for foreign investment will not change," Li said.

He said that China is also studying the possibility of lowering the threshold for Hong Kong and Macau financial institutions to take stakes in mainland insurance companies.

China's economy grew 5.2 percent in 2023, slightly above the official target, but recovery has been shakier than many analysts expected.

Li said China's economic development is facing some difficulties and challenges but economic growth remains strong and there is ample room for macro policies.

Overall operations in China's financial industry are stable and the risks are controllable, he added. (Reuters)