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"China's remarkable progress in reducing extreme poverty has significantly contributed to the decline in global poverty," said Hoon S. Soh, World Bank program leader for economic policy for China.

"Currently, the data of banking institutions lack accuracy, comprehensiveness and timeliness. These quality problems for data have prevented banks from heading toward high-quality development and have affected the regulatory efficiency," said the China Banking Regulatory Commission in a written explanation for the latest guidelines posted on its website.

"Compared with the policies allowing foreign banks to set up branches in China, in addition to wholly owned subsidiaries and joint-venture banks, or remove caps on foreign ownership in Chinese financial institutions, we pay higher attention to the policies that expand the business scope of foreign banks," he said.

"China today is flourishing due to the push from its public and private sectors. Although it was decided during the 'two sessions' not to set a growth target, they do focus on fighting poverty and preventing the pandemic from leading to job losses," said Gualda.

"China will continue to take firm and forceful measures to resolutely safeguard sovereignty, security and development interests," he said.