Photo taken on Nov. 1, 2018 from the Baiyulan Plaza shows view of the city of Shanghai, east China. As the financial center of China, Shanghai is a good example of the tremendous changes that have taken place in China since the reform and opening-up. (Xinhua)

BEIJING, July 20 (Xinhua) -- China announced Saturday a slew of new measures to further open up its financial markets, according to a meeting attended by the country's financial authorities.

China will allow foreign-funded institutions to conduct credit rating business with all kinds of bonds in China's inter-bank and exchange bond market, according to the meeting held by the office of the financial stability and development committee under the State Council.

Overseas financial institutions will be encouraged to participate in setting up and investing in the asset management subsidiaries of commercial banks.

Meanwhile, overseas asset management agencies will be permitted to co-establish foreign-controlled asset management companies together with subsidiaries of Chinese banks or insurers, said a statement posted on the central bank website.