, Columnist
China's Financial Opening Isn't Quite What It Seems
Local banks are now so dominant that safeguards are largely irrelevant.
Too big.
Photographer: Nelson Ching/BloombergThis article is for subscribers only.
Although trade tensions between the U.S. and China show no signs of abating, there are some reasons for cautious optimism. One is that the Americans have finally gotten around to giving the Chinese a concrete list of demands -- and, on at least one score, China is prepared to deal.
The Chinese financial market has long been closed to foreign ownership, despite widespread criticism from the U.S. and others. In November, following Donald Trump's state visit to Beijing, China's finance ministry announced that this was set to change in 2018, and now the Trump team is pushing China to make good on that promise.