China can speed up financial openings - GulfToday

China can speed up financial openings


People use bank machines of Agriculture bank of China in Beijing. Reuters

BEIJING: China can speed up the opening of its financial sector if the United States is unhappy with the pace because it will be good for both countries, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said on Saturday.

“If the US side complains that we have opened up too slowly, we can speed it up. We are fully convinced it’s good for both countries - it’s good for China and good for the United States,” Fang said at the annual China Development Forum. “In the securities industry, mutual fund management, no problem, we can compete.” The two countries have been working to resolve a bitter trade dispute that has rattled financial markets and disrupted world supply chains in a blow to global growth.

The United States has accused China of limiting market access for US firms, forcing companies to transfer technology and providing little protection for intellectual property rights.

Meanwhile the Inter-American Development Bank called off next week’s meeting of its 48 member countries in China after Beijing refused to allow a representative of Venezuelan opposition leader Juan Guaido to attend, two sources with knowledge of the decision said.

The sources said the decision was made in Washington on Friday at a meeting of the executive board of the IADB, Latin America’s largest development lender, after China refused to change its position.

The sources said the board would vote within 30 days to reschedule the annual meeting for another date and location.

On Thursday, the United States threatened to derail the March 26-31 meeting unless Beijing granted a visa to Guaido’s representative, Harvard economist Ricardo Hausmann.