Chinese Regulator Says Financial Markets Can Open More Quickly
Chinese Regulator Says Financial Markets Can Open More Quickly
(Bloomberg) -- China’s securities regulator said the nation can speed up the opening of its financial markets, especially if the U.S. thinks it’s going too slowly.
“China is fully ready to open up,” Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the annual China Development Forum in Beijing on Saturday. “The U.S. side has complained we have opened up too slowly, we can speed it up,” he said.
Fang also called for more people to get involved in deciding the fate of U.S.-China relations, especially industry professionals in both countries who may be able to more easily find grounds for cooperation.
China’s policy makers have repeatedly stressed their determination to further open the nation’s financial system this year, building on earlier promises that they would better integrate the more-than-$40-trillion sector into the global economy. Greater foreign involvement will provide a timely boost for the domestic industry amid an economic slowdown and trade frictions, while Wall Street firms stand to reap billions of dollars in profit from a new market.
The banking regulator in August removed limits on foreign ownership of Chinese lenders and bad-debt managers. ING Groep NV said this week it plans to become the first foreign firm to take a majority stake in an onshore bank while UBS Group AG won approval to raise its ownership in a local securities venture to 51 percent late last year under new rules. Nomura Holdings Inc. and JPMorgan Chase & Co. have also filed applications for majority ownership in securities ventures.
To contact Bloomberg News staff for this story: Jun Luo in Shanghai at jluo6@bloomberg.net;Lucille Liu in Beijing at xliu621@bloomberg.net
To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, ;Shamim Adam at sadam2@bloomberg.net, Sharon Chen, John McCluskey
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With assistance from Bloomberg