BEIJING - The US accusation of China still placing many restrictions on financial services is ungrounded, the country's top securities regulator said.

China has seen substantial opening-up in securities and assets management services in recent years such as the wider market access offered to securities, futures and funds firms, said Yi Huiman, head of the China Securities Regulatory Commission (CSRC).

The opening-up of China's capital markets and financial sectors will not be affected by the China-US trade frictions, as it is necessary for China's financial sectors to improve their services and global competitiveness, Yi said.

China will stick to the timetable and plan unveiled in 2018 for the opening-up of financial sectors, said Yi.

He said the scrapping of shareholding limits for foreign investors in securities and futures sectors will be carried out before 2021.

The government will also gradually expand the opening-up of the exchange-traded bonds market and introduce overseas traders to commodity futures markets with ripe conditions, Yi added.