, Columnist
Wall Street May Rue China’s Opening
Global banks have been clamoring for access to the mainland market. There could be good reason to pause.
Wait for it.
Photographer: Ricky Wong/Bloomberg
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Wall Street, be careful what you wish for. Getting that level playing field you want in China might backfire — and not just because its stock market is in the dumps.
Shortly after President Donald Trump’s visit to Beijing last year — when he complained bitterly about China’s unfair trade practices — officials decided to relax regulations limiting foreign ownership of banks and securities firms. Overseas players could start holding 51 percent of domestic brokerages, up from 49 percent — a cap that will be eliminated after three years.