Participants talked about opening up China’s financial industry and China-US financial cooperation at the Tsinghua PBCSF Global Financial Forum held in Beijing this weekend.
“The opening-up of financial service industry and capital flow are two different things. The opening-up of financial service industry is to introduce more foreign director investment. I think we should be bolder on that front,” said Huang Yiping, professor for Peking University.
Qi Bin, vice general manager of China Investment Corporation “sincerely” hopes to see more advanced financial institutions to come to China, and succeed in China.
“We need competitors with real excellency. They will contribute to China’s financial system, capital markets, to serve the real economy, and push for China’s economic restructuring,” Qi added.
As to current China-US trade friction, Shen Jianguang, chief economist at Mizuho Securities Asia Ltd., noted that avoiding a trade war with the US would be significant for preventing financial risks.
“A trade war between China and US would be mutually destructive. China has a rapid and stable growth moment right now. Avoiding a trade war with the US would be the most important foundation for preventing financial risks,” Shen explained.
However, Huang also mentioned that we should be cautious in opening up capital flows, especially short term-speculative capital flows.