Chinese President Xi Jinping said in a speech last week that the country was “steadily widening the opening up” of its financial industry.
For China watchers, steadily was the key word. Almost exactly a year after the country announced historic plans to ease local ownership rules and entry barriers to what’s now a $45 trillion industry, the pace of change has been closer to a crawl than a sprint. While Xi signaled that China’s opening remains on track despite the country’s trade war with America, he also made it clear that policy makers will move deliberately.
China’s Promise
Bloomberg Economics projects lucrative gains in market share for foreign firms
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| Sources: China Banking and Insurance Regulatory Commission, Asset Management Association of China, Securities Association of China, Oliver Wyman, Casey Quirk, Bloomberg Economics |
The world’s biggest financial firms have adopted much the same stance. Even as they applaud China’s opening, many are taking a cautious approach as they weigh the country’s enormous long-term potential against its growing number of short-term challenges — everything from the trade war to sinking stock prices and rising defaults.
“Firms are taking a wait-and-see attitude to see whether they will be able to compete on a level playing field in China,” Mark Austen, chief executive officer of the Asia Securities Industry & Financial Markets Association, said in an interview.
Source: Bloomberg
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