US group urges China to open in­sur­ance, se­cu­ri­ties mar­kets

The China Post - - WORLD BUSINESS -

An Amer­i­can busi­ness group urged main­land China on Fri­day to al­low more ac­cess to its in­sur­ance and other ser­vice in­dus­tries, say­ing for­eign skills could help de­velop its volatile stock mar­kets and cope with dis­as­ters like the re­cent chem­i­cal ex­plo­sion in Tian­jin.

Open­ing largely closed bank­ing, lo­gis­tics and other mar­kets wider to for­eign com­peti­tors would sup­port the com­mu­nist lead­er­ship’s ef­fort to nur­ture ser­vice in­dus­tries and re­duce re­liance on trade and in­vest­ment to drive eco­nomic growth, the Amer­i­can Cham­ber of Com­merce in China said.

The group’s deputy chair­man, Lester Ross, pointed to China’s stock mar­ket plunge and the Aug. 12 ex­plo­sion in Tian­jin that killed at least 145 peo­ple, and said bring­ing in more global ex­per­tise could help to de­velop fi­nan­cial mar­kets and re­duce the im­pact of dis­as­ters.

“Our hope, frankly, is that the down­turn in the mar­ket will en­cour­age the Chi­nese gov­ern­ment to open faster,” Ross said at a news con­fer­ence.

In a re­port, the cham­ber also cited po­ten­tial op­por­tu­ni­ties in fields in­clud­ing en­gi­neer­ing, health care, com­mu­ni­ca­tions tech­nol­ogy, le­gal ser­vices, real es­tate, en­ter­tain­ment, online com­merce and lo­gis­tics.

The re­port is part of an an­nual se­ries but its re­lease comes at a time when stock mar­ket tur­moil and un­ex­pect­edly weak ex­port and man­u­fac­tur­ing data have fu­eled con­cerns about the health of China’s econ­omy. That has prompted urg­ing from econ­o­mists for Bei­jing to move faster on promised re­forms aimed at mak­ing the econ­omy more pro­duc­tive by open­ing state-dom­i­nated in­dus­tries to pri­vate and for­eign com­pe­ti­tion.

De­spite prom­ises of re­form, for­eign ser­vice busi­nesses are “pes­simistic about the reg­u­la­tory en­vi­ron­ment,” said the cham­ber chair­man, James Zim­mer­man.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.