China will sharply expand market access for foreign banks and securities and ins...
BOAO, China/BEIJING - China will sharply expand market access for foreign banks and securities and insurance companies, especially in its financial services sector, Premier Li Keqiang said on Thursday, as senior U.S. officials arrived in Beijing for more trade talks.
Li’s remarks add to speculation that China may soon announce new rules that will allow foreign banks and insurance firms to increase their presence in China. But global investors’ access to hedging instruments continues to be restricted, and clarification on tax collection policy is needed, ASIFMA, a financial industry lobby, noted in a report last week.
China must protect intellectual property, otherwise there is no hope for the nation’s transformation, Li said. Analysts at Capital Economics said they believe the benchmark lending rate will be cut in the weeks ahead, though sources have told Reuters such a move may be a last resort if the economy does not show signs of responding to previous support measures.
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