CHINESE Premier Li Keqiang has urged financial service institutions in the Shanghai free trade zone to carry out stronger financial reforms and opening-up.

The negative list approach should be expanded to banks, securities, insurance and funding companies, so as to better manage foreign investment, Li said.

Local authorities and financial institutions should continue to carry out effective readjustment measures, support the opening-up of the capital market to the world, and improve the supervision and regulation mechanism for the finance industry, Li said.