China will consider new measures this year to further expand foreign firms’ access to the country’s financial markets, a senior official with the banking and insurance watchdog said Friday.

The country is in great need of foreign institutions with “specialized knowledge” and a “strong sense of regulation compliance” to “make up for the shortcomings of our financial sector,” said Xiao Yuanqi, spokesperson for the China Banking and Insurance Regulatory Commission (CBIRC), at a news briefing.

“We will carry out a study on new policies to expand the scope and improve the strength of the opening-up drive,” he said.

The measures will target foreign insurers, banks and other specialized players such as asset managers to encourage them to bring in not only investments but also technologies, management experience, new products and talent, he said.