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Repeats Story Initially Transmitted at 05:33 GMT Nov 14/00:33 EST Nov 14
BEIJING (MNI) - China needs to firmly advance the opening up of its
financial sector amid an "extremely complicated and uncertain international and
domestic economic environment," a senior China banking and insurance watchdog
Instead of stepping back from globalization amid increasing protectionism,
opening up and cooperation are needed to prevent a future financial crisis, Wang
Zhaoxing, the vice chairman of the China Banking and Insurance Regulatory
Commission told a forum in Beijing.
Two weeks before China President Xi Jinping and U.S. President Donald Trump
are set meet on the sidelines of the G20 leaders' Summit in Argentina, Wang's
comments signal China's willingness to address the concerns of foreign investors
over access to the Chinese market.
--FINANCIAL SECTOR BOOST
Expanding China's financial opening up can help energize the financial
sector, increasing support to the real economy, thus stabilizing investment,
employment and confidence in China's economy, Wang stressed.
He also noted that a further opening up of the financial sector will
facilitate China's industrial restructuring and financial innovation.
Wang also stressed Chinese regulators need to enhance their supervision and
regulation on the financial system, with well-placed risk control measures along
with deepening of opening up.
William Zarit, Chairman of the American Chamber of Commerce told MNI
Tuesday that American businesses are hoping for a swift opening up and the
further reform measures from the Chinese government by the end of this year.
But a trade advisor close to the Chinese government told MNI China has
already taken many measures over reform and access, and the Chinese government
would not allow the Trump administration to push China, suggesting China would
continue to liberalize markets at its own pace.
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