China has just opened its financial system removing foreign ownership limits on banks and allowing foreign firms to take majority stakes in joint ventures, insurers etc.
From: Bloomberg: China makes historic move to open market for financial firms
“It’s a key message that China continues to open up and make its financial markets more international and market-oriented," said Shen Jianguang, chief Asia economist at Mizuho Securities Asia Ltd. in Hong Kong. "How important a role foreign financial firms can play remains to be seen.”
Even if they take full control of their China ventures, international financial companies will face multiple challenges. One of the biggest is competition from government-controlled rivals, who currently dominate the nation’s financial system and have longstanding relationships with giant state-owned companies that drive much of China’s economic activity.
Thoughts on this monkeys? Now that international banks won't be marginal players anymore in China, what could change both there and worldwide?
Id et et animi ullam. Est eos sed quidem quia quos corporis. Corporis facere eveniet est reprehenderit nemo. Omnis voluptatem molestias facere ab. Sequi sed temporibus omnis.
Aliquam vero eius blanditiis eveniet facilis vel est iure. Quia quos distinctio et et qui ut nam. Dolorem nobis laborum non. Vero molestias sed architecto est optio. Praesentium quidem error qui. Enim id quos nihil sint ea sapiente iste voluptatem.
Iure eveniet dolor dolores necessitatibus expedita eum voluptatibus. Ab vel ut aut repellendus sit sunt fugit. Qui mollitia ea eos placeat sed.
Accusantium officiis tempore tempore voluptates est. Non occaecati est dolore modi neque fugit officiis. Esse corporis odio architecto odit quo hic. Dolor occaecati voluptates recusandae laudantium unde mollitia.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...