Chinese Premier Li Keqiang pledged, in the World Economic Forum in northeastern Chinese port city of Dalian, to further open up the finance and manufacturing industry. Li said, “We will achieve the goal of abolishing ownership limits in securities, futures, life insurance for foreign investors by 2020, a year earlier than the original schedule of 2021.”
Additionally, manufacturing sector, including auto industry, will be opened by further by reduction in negative investment list that restricts foreign investment in some areas. Besides, the government will also reduce restrictions, in 2020, on market access in value-added telecoms services and transport sectors.
Li also noted “global economic risks are rising somewhat, international investment and trade growth is slowing, protectionism is rising and unstable and uncertain factors are increasing”. And, “some countries have taken measures including cutting interest rates, or sent clear signals on quantitative easing.” But he pledged China won’t resort to competitive currency devaluation but keep the exchange rate stable at a reasonable and balanced level.
