Beijing promises wider financial access for foreign investors as US-China trade war talks enter crucial stage

China continued its charm offensive for foreign investors, renewing promises to open its state-controlled financial services sector further and ensure equal treatment.

The latest move came as the talks between China and the United States have entered a crucial stage, with the remaining sticking points in the text of a trade agreement expected to be discussed when US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin visit Beijing on Thursday.

Chinese Vice-Premier Liu He, Beijing’s chief trade negotiator, is then due to visit Washington in early April to continue, and possibly conclude, the negotiations.

“Our conclusion is that further opening up will do more good than harm,” said Yi Gang, governor of the People’s Bank of China, at the China Development Forum. “All these [opening up steps] are in China’s own interests.”

The mainland government will encourage foreign access to trust banking, financial leasing, car financing, money brokerage and consumer finance by the end of this year, Yi said. In addition, the cap on foreign stakes in financial asset investment and wealth management ventures will be lifted, while limits on the business scope of foreign-funded banks will also be greatly relaxed.