A leading researcher with the Chinese government says that the biggest risk for the economy lies in keeping the domestic market off-limits to foreigners.
Zhao Jinping, a fellow at the State Council’s Development Research Center, told a group of foreign reporters that “not opening up is the greatest risk,” according to a report from CNBC.
Zhao said the increased presence of foreign institutions in the Chinese financial sector will help it to better adhere to international practices and standards, while reform and opening will draw more capital into the country.
Zhao also said that increased protectionism against Chinese companies was a major risk for their growth, following the launch of a blacklist by the Trump administration against major Chinese tech companies such as Huawei, barring them from purchases from US suppliers.
Beijing Flags Opening of Power, Telecoms, Rail, Oil and Gas Sectors to Private Competition
Opening of China’s Financial Sector Has Hit a “Bottleneck”: Huang Qifan
Beijing to Launch Fintech Innovation Platform as Part of Financial Sector Opening