China poised to open markets ‘beyond expectations’ as tough US tariffs loom, envoy says
Consul General Zhang Qiyue said barriers will be removed or eased for foreign investors in China’s financial sector and that market entry standards will be unified for banks
A Chinese envoy to the US offered easier access to China’s markets for foreign investors, promising reforms “beyond expectations”, as Washington moves to institute punishing trade and other sanctions against Beijing for rules that restrict foreign participants.
Speaking at a China General Chamber of Commerce USA event, New York-based Consul General Zhang Qiyue said barriers will be removed or eased for foreign investors in the country’s financial sector and that market entry standards will be the same for Chinese and foreign banks.
“Many more measures will be introduced this year and some of the measures will be beyond the expectations of foreign companies and investors.”
Beijing is facing a groundswell of acrimony from US policymakers and members of Congress over an ever-increasing trade imbalance in China’s favour and restrictions on US companies operating in the Asian country.
US President Donald Trump accused the country of actively undermining American national security.