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China can speed up financial sector opening, official says

BEIJING: China can speed up the opening of its financial sector if the United States is unhappy with the pace because it will be good for both countries, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said on Saturday.

“If the US side complains that we have opened up too slowly, we can speed it up … We are fully convinced it’s good for both countries – it’s good for China and good for the United States,” Fang said at the annual China Development Forum.

“In the securities industry, mutual fund management, no problem, we can compete.”

The two countries have been working to resolve a bitter trade dispute that has rattled financial markets and disrupted world supply chains in a blow to global growth.

The United States has accused China of limiting market access for US firms, forcing companies to transfer technology and providing little protection for intellectual property rights.

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