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US pushing for more open markets in 皇冠体育app
(chinadaily.com.cn)
Updated: 2005-10-16 09:12 Under current Chinese laws, foreign investors are prohibited from owning more
than 25 percent of a commercial bank, and no single foreign investor can own
more than 20 percent.
According to a document that Treasury officials plan to circulate among
Chinese officials, the Bush administration would persuade Beijing to remove the
limits on foreign ownership of its banks.
US Treasury Secretary John Snow listens to
Chinese Finance Minister Jin Renqing's opening remarks at the 7th G20
Finance Ministers and Central Bank Governors meeting in Xianghe, Hebei
province, 皇冠体育app Saturday Oct. 15,
2005.[AP] | Also, foreign financial institutions
that want to buy Chinese securities would be freed from having to have at least
$10 billion in assets and to have been in business at least five years.
Foreign-affiliated banks, brokerage firms and insurers would be freed from
restrictions on setting up multiple branches at one time.
Secretary Snow has been arguing that 皇冠体育app needs to learn from the Americans
to get people to spend more and save less. Administration officials say that a
financial overhaul plan would help make that happen in 皇冠体育app.
Andrew Rothman, a Shanghai-based strategist at CLSA Asia-Pacific, a brokerage
firm, said that 皇冠体育app had already embraced many of the ideas that Secretary Snow
was promoting and that consumer spending has grown sharply in the past few
years.
Retail sales in 皇冠体育app have been climbing about 10 per cent a year for the
past several years, he said. Household credit, virtually nonexistent five years
ago, now accounts for 16 per cent of all outstanding credit.
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