China pledges to expand financial market opening as U.S trade delegation arrives

Chinese Premier Li Keqiang speaks at a news conference following the closing session of the National People's Congress, at the Great Hall of the People, in Beijing, China, on March 15, 2019.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 U.S. officials arrived in Beijing for more trade talks.

China has pledged to further open its massive financial markets to foreign investors since last year amid a trade war with the United States. Foreign businesses have long complained that liberalization has been too narrow and implementation spotty. But global investors’ access to hedging instruments continues to be restricted, and clarification on tax collection policy is needed, ASIFMA, a financial industry lobby, noted in a report last week.Li said China will also issue more favourable rules for foreign acquisitions of Chinese listed firms. Beijing is drafting rules related to a new foreign investment law that was passed earlier this month. The rules are expected to be completed this year.

China must protect intellectual property, otherwise there is no hope for the nation’s transformation, Li said. China’s industrial firms posted their worst slump in profits since late 2011 in the first two months of this year amid slowing demand at home and abroad.

globebusiness Meanwhile in Canada...

globebusiness You cannot trust what the repressive Chinese government says. The Chinese government is anti-democratic and anti-free speech. They bully their own citizens.

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