China is finally acting on the long-awaited opening of its massive financial industry — and global financial giants are taking note.
simmer, Beijing is finally acting on the long-awaited opening of its massive financial industry — and global financial giants are taking note.
Other changes include allowing foreign lenders to establish wholly-owned banks in China, and removing the need for prior approval for conducting businesses in the local currency, known as the renminbi orTuesday's announcements come as the U.S. and China concluded the latest round of trade talks on the weekend, with the intention of sealing a deal in the coming weeks, which will likely cover intellectual property protection, financial services and Chinese agricultural purchases.
"From a broad perspective, China is showing its welcoming gestures towards foreign financial institutions, intending to leverage them to expedite reform in the Chinese market such as business management, development strategies, hence becoming more competitive in a global context," Emilie Wu, analyst at Shanghai-based Red Pulse, said in an email.
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