If there’s one thing Chinese leaders wanted you to know in the past week, it’s that they are fully committed to opening the nation’s financial sector.
Premier Li Keqiang took to the stage twice at the World Economic Forum in the northern Chinese city of Tianjin to assure delegates that the country is committed to welcoming foreign financial firms, days after U.S. President Donald Trump announced tariffs on $200 billion of Chinese imports. People’s Bank of China Governor Yi Gang also reaffirmed the effort.
China promised to overhaul foreign ownership rules in November during Trump’s visit to Beijing. Though the government changed regulations to allow majority ownership for securities and fund management companies, and removed the limits for banks and bad debt managers, overseas firms including UBS Group AG and JPMorgan Chase & Co. are still waiting for approval after submitting applications.
Yi’s comments came in a book to celebrate the 20th anniversary of the Chinese Economists 50 Forum, according to the official Xinhua News Agency. Also at the WEF event, Fang Xinghai, vice chairman of China’s securities regulator, and central bank adviser Liu Shijin restated the country’s promise.
Here are some of the key quotes from the past week:
The push to open comes as China tries to de-risk its economy and plug financing gaps as its shadow banking sector shrinks. The deleveraging campaign, along with effects from the trade war with the U.S., has contributed to a stock market that’s among the worst global performers this year.