Economic Watch: China accelerates opening-up in financial sector

    Source: Xinhua| 2018-12-10 18:36:25|Editor: Lu Hui
    Video PlayerClose

    BEIJING, Dec. 10 (Xinhua) -- Forty years on, financial opening-up, once considered a risk, has proven to be a risk well taken, and a boon for businesses in China and beyond.

    As China strives to make new ground in pursuing reform and opening-up, a new push in the financial sector will give foreign investors more chances to share the country's market dividends.

    In the latest step, China approved UBS AG's plan to gain a majority stake in its mainland securities joint venture, making UBS the first global financial institution to take advantage of the country's new rules to further open up its financial market.

    UBS AG will raise its stake in UBS Securities Co. to 51 percent from the current 24.99 percent.

    Sergio P. Ermotti, UBS Group CEO, said this step underlines the company's long-term commitment to the Chinese market and it will continue to pursue opportunities.

    "The further opening-up of China's financial sector represents great opportunities for our wealth management, investment bank and asset management businesses," he said.

    Eugene Qian, president of UBS Securities, said with a majority control, UBS can better realize the opportunities in China's capital markets and make a greater contribution to the UBS Group.

    In May, U.S. financial giant J.P. Morgan also submitted an application to the China Securities Regulatory Commission (CSRC) seeking to set up a new, fully-integrated securities firm, in which it would hold a 51-percent stake and expect to raise its ownership to 100 percent over the next few years.

    "The CSRC accepted our application on Oct. 12 and provided first feedback opinions on Nov. 12," Mark Leung, CEO of J.P. Morgan China, told Xinhua via email Monday.

    This came after the country unveiled 11 financial opening-up measures, including allowing foreign firms to have 51-percent ownership of their brokerage ventures, up from the previous 49 percent, and disclosed a timetable.

    China will also encourage foreign investors to enter its trust, financial leasing, auto finance, money brokerage and consumer finance sectors, a move to take effect before the end of this year.

    Following the launch of the Shanghai- and Shenzhen-Hong Kong stock links, which make it easier for foreign investors to buy A-shares, a similar program between Shanghai and London is expected this month.

    Seven of the 11 measures have been implemented, Yi Gang, governor of the People's Bank of China, the country's central bank, wrote in a signed article last week.

    After 40 years of reform and opening-up, China's financial sector has become an important part of the international financial system and is ready to open up wider to the world, analysts said.

    Further financial opening-up will not threaten domestic players, but rather create a catfish effect and enhance the sector's international competitiveness, said Yao Yudong, chief economist of the Dacheng Fund.

    While pushing financial opening-up, the country will not dial back its efforts in risk control. "The country will strike a balance among financial reform, development and stability," Yi Gang said.

    The central bank will develop the financial market, push forward financial reform and expand opening-up under the premise of maintaining financial system stability, ensuring continuous financial services and forestalling systemic financial risks, Yi said.

    KEY WORDS: China
    EXPLORE XINHUANET
    010020070750000000000000011102351376639941
    主站蜘蛛池模板: 囯产精品一品二区三区| 国产自无码视频在线观看| 久久综合久综合久久鬼色| 理论片yy4408在线观看| 国产在线视频色综合| 99re在线这里只有精品| 无上神帝天天影院| 亚洲中文无码a∨在线观看| 番茄视频在线观看免费完整| 国产内射999视频一区| 337p中国人体啪啪| 好看的国产精彩视频| 久久九九久精品国产日韩经典| 欧美成人看片黄a免费看| 免费成人午夜视频| 韩国五感图r级无删减版| 国产精品美女一区二区视频| 一区二区不卡久久精品| 日本加勒比一区| 亚洲一成人毛片| 波多野吉衣免费一区| 午夜免费福利在线| 邻居少妇张开腿让我爽了在线观看| 国产精品影音先锋| chinese国产xxxx中国| 拨牐拨牐x8免费| 么公的好大好硬好深好爽视频想要| 波多野结衣69| 全日本爽视频在线| 色婷婷亚洲十月十月色天| 国产欧美一区二区三区久久| 97精品国产91久久久久久久| 少妇人妻偷人精品一区二区| 久久久久久久99精品国产片| 末成年女a∨片一区二区| 亚洲欧美乱日韩乱国产| 男人肌肌捅女人肌肌视频| 四虎影院永久在线| 韩国高清在线观看| 国产激情视频一区二区三区| 91xav在线|