TEHRAN, Young Journalists Club (YJC) -China laid out a clearer timetable on Wednesday for opening its financial sector to more foreign investment by the end of 2018, as Beijing looks to fend off growing criticism from the United States and other trading partners that it unfairly limits competition.
People’s Bank of China (PBOC) Governor Yi Gang said China will allow foreign firms to compete on an equal footing with domestic companies in the financial sector, giving foreign banks more business scope in the country.
Though the specific details offered were mostly incremental and repeated past pledges, China for the first time said it would implement a number of the measures by the end of this year, with some steps promised to be in place as early as June.
They include allowing foreign firms to invest in trust companies, financial leasing, auto finance and consumer finance, plans that were announced last year. The PBOC also confirmed it aims to launch a planned trading link between its stock markets and London by end-2018.
Foreign businesses and China’s trading partners have long complained about a lack of implementation of reforms announced years earlier, and that outside firms continue to face unofficial restrictions even after some sectors have ostensibly been opened up.