China to open up its financial market
Premier Li Keqiang announces moves to allow greater access to foreign banks and investors as growth slows
Beijing/Hong Kong — China will sharply expand market access for foreign banks and securities and insurance companies, especially in its financial services sector, Premier Li Keqiang said on Thursday, as senior US officials arrived in Beijing for more trade talks. China has pledged to further open its huge financial markets to foreign investors since 2018 amid a trade war with the US. Foreign businesses have long complained that liberalisation has been too narrow and implementation spotty. “We are quickening the full opening of market access for foreign investors in banking, securities and insurance sectors,” Li said in a speech at the annual Boao forum held on China’s southern island of Hainan. The government will also work on more favourable policies for foreign investors to trade Chinese bonds, Li said. Li’s remarks add to speculation that China may soon announce new rules that will allow foreign banks and insurance companies to increase their presence in China. Increased access t...
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