China will allow greater market access for foreign banks and insurance companies...
BOAO, China - China will allow greater market access for foreign banks and insurance companies, especially in its financial services sector, Premier Li Keqiang said on Thursday.
Li’s remarks, made in a speech at the annual Boao forum held on China’s southern island of Hainan, add to speculation that China may soon announce new rules that will allow foreign banks and insurance firms to increase their presence in China. Li added China is also drafting rules related to a new foreign investment law that was passed earlier this month. The rules are expected to be completed this year.In the same speech, Li also sought to ease investors’ concerns over China’s cooling economy, saying Beijing has enough policy tools to fight a “hard battle”.
China’s industrial firms posted their worst slump in profits since late 2011 in the first two months of this year as slowing demand at home and abroad took a heavier toll on businesses. Li said he could not rule out the possibility that there were be some fluctuations in the world’s second-largest economy this year, but added that earlier policy steps were gaining traction.
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