Core Viewpoint - The article emphasizes the importance of financial opening during the "15th Five-Year Plan" period, highlighting a more proactive approach compared to previous plans, particularly in promoting the internationalization of the Renminbi and enhancing capital account openness [3][4]. Financial Opening Importance - Financial opening is deemed crucial for enhancing China's economic and financial security amid international competition, as China's GDP is projected to account for approximately 17% of the global total by 2024, while the Renminbi's share in global payments remains below 3% [3][4]. - The article argues that increasing financial openness is necessary to activate China's high savings rate and improve capital allocation efficiency, as China's total savings rate is higher compared to the US, EU, and Japan [4][17]. Preconditions for Financial Opening - Ensuring financial security is essential for advancing financial openness, as stable domestic macroeconomic conditions are closely linked to cross-border capital flows [5]. - Changes in macroeconomic factors, such as the relative positions of the Renminbi and US dollar exchange rates, create favorable conditions for further financial opening [5][6]. Policy Directions for Financial Opening - The article outlines potential policy directions for financial opening, focusing on both funding and asset dimensions [7]. - Hong Kong is expected to experience a dual expansion in funding and assets, supported by the central government's commitment to maintaining its unique status as an international financial center [8]. - Shanghai is highlighted as a key area for financial opening, with policies aimed at attracting foreign investment through a richer supply of financial products and enhancing the competitiveness of its international financial center [9].