REPEAT: China Must Further Open Up Fin Sector: CBIRC Wang

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

said Wednesday. 

     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.

     --AMERICAN HOPES

     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.

--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com