BEIJING - China is committed to opening its financial markets to foreign competition, but will do so at its own pace, the country's top securities regulator said Tuesday.

"We will further open and expand our markets according to our own conditions," Shang Fulin, chairman of the China Securities Regulatory Commission, told a conference organized by the U.S. Securities Industries Association. "We have to be cautious and keep stability."

The comments followed the conclusion Monday of China-U.S. talks on a wide range of economic issues between the two countries, including China's massive trade surplus and its tightly controlled currency, the yuan.

At those talks, the U.S. side offered sweeping suggestions for financial reforms aimed at improving investment opportunities and the use of scarce capital in China.