China will deepen reforms of its foreign exchange administration and advance the liberalization and facilitation of cross-border trade and investment, said Pan Gongsheng, deputy governor of the People's Bank of China, the country's central bank.

Pan was speaking at a heavyweight financial conference on June 10 in China's East Shanghai city.

The central banker announced that a single pilot program for opening up foreign exchange management is to be launched in Shanghai's Lin-gang Special Area – and at the same time in the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan free trade port in southern China.

"It will accumulate experience in promoting high-level institutional openings in the field of foreign exchange," Pan told the 13th Lujiazui Forum, which was held in Shanghai on June 10-11.

Pan also revealed a plan to push forward reforms in cross-border investment of private equity funds.

The plan will support private equity funds in conducting cross-border investment and industry investment. Pilot programs for qualified domestic limited partners (QDLP) and qualified foreign limited partners (QFLP) will be further expanded, giving a boost to Shanghai's development in the key global market for wealth management and asset management.

Meanwhile, the scope for Chinese residents to allocate overseas assets will also be widened.

Through efficient financial market infrastructure such as the Stock Connect schemes - linking the huge share markets of Shanghai and Shenzhen with Hong Kong - and the Bond Connect program, China will expand the scale of the Qualified Domestic Institutional Investor program, improving the Qualified Domestic Institutional Investor (QDII) management mechanism, Pan said.