The Charging Bull statue, also known as the Wall Street Bull, is seen in the financial district of New York City, US.
While the policy has often been cast as addressing US complaints that the Asian nation has been a one-sided beneficiary of trade, domestic motivations are also behind the push, said Michael Pettis, professor of finance at the Guanghua School of Management at Peking University. Publicly-traded companies have come under increased scrutiny as a spate of poor disclosures – from inaccurate IPO applications to an accounting “error” that wiped out US$4.4 billion – left investors wary.
Other scheduled attendees at Friday’s meeting in Beijing included China Vice Finance Minister Liao Min, CSRC Vice Chairman Fang Xinghai, Goldman Sachs Chief Operating Officer John Waldron and Morgan Stanley’s global head of international business, Franck Petitgas, according to the agenda. As more and more Chinese are also lifted into the middle class and beyond, the need for managing that wealth is growing.
Even so, opening up the financial sector may not go far enough in addressing the core concerns of the current US administration.
Source: News Formal (newsformal.com)
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