China will further open up its banking and insurance sectors, the country's top banking and insurance regulator said in comments.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said it plans to soon issue 12 new measures. That includes cancelling a requirement for foreign banks to have $10 billion in assets before being allowed to set up a legal entity in China and removing approval procedures for foreign banks to conduct yuan business, Guo said.

China also plans to remove a requirement for foreign banks to have $20 billion in assets before being able to set up a branch, he added.

He said these changes would take place in the near term, but did not give an exact timeframe.