China Is Said to Draft Plans for Financial Sector Opening

The PBOC plan suggests that China has decided the likely benefits of financial sector opening outweigh the negatives, such as the effect of greater competition on local institutions, said Tommy Xie, a Singapore-based economist at Oversea-Chinese Banking Corp. “Given the changing dynamics, we think China seems to be less concerned about those costs,” Xie said, noting that local firms are in a better position than they were a decade ago to withstand competition.


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