Chinese Vice Premier Huang Ju said Wednesday that China is deepening reform in financial sector and welcomes foreign financial corporations to expand business in the country.

While meeting with Michael Tilmant, chairman of ING Group, Huang said that in recent years China has kept good momentum in reforming the financial sector, including insurance.

Since its access to the World Trade Organization (WTO), Huang said, China has actively opened up its financial sector in accordance with its WTO commitment.

Huang praised ING Group, as an international financial service provider, for its management experience and risk-control capability. He said the Chinese government welcomes foreign financial companies, including ING, to expand business in China.

Tilmant said his company attaches great importance to the business development on the Chinese market and is concerned about the reform in the financial sector. He said ING will cooperate more with Chinese partners.

While meeting with Kennedy Thompson, chairman and chief executive officer of Wachovia Corporation, Huang briefed him on the reform and latest development of China's financial sector.

Bank of China is restructuring itself, aiming for sufficient capital, strict management, safe transaction, quality service and good commercial returns, Huang said. This is a vital part for the overall reform of China's financial sector.

Huang valued the cooperation between Wachovia and Chinese financial companies. He hopes Wachovia will continue to play an active role in making the Chinese financial sector more open to the outside world.

Thompson said Wachovia will explore new ways to cooperate with its Chinese partners.