Zhou's Jibe at ‘Lazy’ Banks Signals China More Open for Business
- Financial sector isn’t exempt from opening: PBOC Governor
- Overseas investment banks still hampered from market access
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People’s Bank of China Governor Zhou Xiaochuan said China should forge ahead to further open the financial services industry, in a signal the country may allow foreign firms greater access to the market.
Protecting domestic firms from outside competition makes them lazy, which weakens them and may lead to financial instability, Zhou said Tuesday at the Lujiazui Forum, an annual gathering in Shanghai that the central bank is co-hosting with the city’s mayor, Ying Yong.