BEIJING, May 1 (Xinhua) -- China plans to unveil a slew of new measures to further open up its financial markets to improve the sector's management and competitiveness, according to the country's top banking and insurance regulator.

A total of 12 new rules will be released soon on the basis of profound research and evaluation, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, adding that China's financial opening-up efforts have already drawn positive market reaction.

"Further opening up the banking and insurance sectors is not only essential for the development of Chinese economy and finance but also is conducive to enriching market entities and stimulate market vitality," Guo said in a joint interview.