Economy

China announces major steps to open its financial sector

China announces major steps to open its financial sector”

China's financial services sector will be nearly entirely open to foreign players in the next five years, according to China's deputy finance minister Zhu Guangyao.

During his trip to Beijing this week, Trump said that trade between the two nations was unfair, and called for greater market access for USA companies.

China will lift the ceiling on foreign equity ownership in joint-venture firms involved in the futures, securities and funds markets to 51 percent, a vice finance minister said on Friday.

The limits will be phased out in three years.

Overseas companies are now not allowed to have a controlling stake in firms in China.

China has announced plans to relax foreign ownership restrictions on Chinese banks.

The Post reported that many foreign banks that invested in Chinese banks as strategic investors during 2004-2008 sold their shares in 2009-2014. The limit has made it hard for foreign banks to play any major role in the Chinese market.

Foreign investors have been complaining for a long time that the lack of control of a financial company makes their business hard.

Timing the announcement after Trump's visit shows that "China and the USA are in a business and trade cooperation rather than confrontation", Hu said.

In a statement issued after a meeting of U.S. President Donald Trump and China President Xi Jinping, the ministry also said it would gradually cut tariffs for vehicles.

But he said he blamed past USA administrations, not China, "for allowing this out-of-control trade deficit to take place and to grow".



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