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US rigorous to open Chinese banking business (2)

(People's Daily Overseas Edition)

16:12, May 15, 2012

Rigorous approving processes

Yu Fenghui, a financial commentator, said that although the United States has a mature market economy system, its financial service is not open enough.

“In the past, the United States had a very strict approval process for Chinese banks to set up branches in the country mainly due to the low regulatory level of Chinese banks,” said Guo. “Now, China banking has a significant progress on both its strength and regulatory level and has also gained recognition from the Federal Reserve Board.”

The approval of the three banks by the United States this time was actually related to the fourth round of the U.S.-China Strategic and Economic Dialogue.

Yu said that it is a new breakthrough for a mutual openness of China-US finance that the United States eventually approved the merger and acquisition of the U.S. financial organizations by China-invested banks and Chinese state-owned investment companies. It is also a new achievement of the U.S.-China Strategic and Economic Dialogue.

More open attitude

Like China, the United States should continue to open its financial market to China, said Yu.

Although the United States has approved the China-invested banks to set up branches in the country, there are too many business limitations. These banks can only deal with whole banking and trade financing business but the deposits and retail banking, which serve the domestic people of the United States, overseas Chinese people and Chinese people living and working at the United States, are not open. Therefore, it greatly limits the expansion of the China-invested banking in the United States, Yu said.

Chen pointed out that with further strengthening financial cooperation, China allows more foreign capital and private financial institutions enter Chinese financial market and meanwhile it also needs the United States to further open its financial market to China, reaching an effect of mutual permeation to accelerate the learning and progress of the Chinese banks.

Read the Chinese version at: 美对华开放银行业务仍显“小气”

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