Wall Street’s $45 Trillion China Dream Inches Toward Reality
- Three firms have applied to increase stakes in securities JVs
- Trade war, falling stocks and debt pile are all warning signs
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Chinese President Xi Jinping said in a speech last week that the country was “steadily widening the opening up” of its financial industry.
For China watchers, steadily was the key word. Almost exactly a year after the country announced historic plans to ease local ownership rules and entry barriers to what’s now a $45 trillion industry, the pace of change has been closer to a crawl than a sprint. While Xi signaled that China’s opening remains on track despite the country’s trade war with America, he also made it clear that policy makers will move deliberately.