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Thread: US should allow China to enter its banking area!

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[quote=DREAMLIFE,247954]According to the news, the chairman of CBRC (China Banking Regulatory Commission) said in an interview that if Chinese banks could get the licenses to operate in US, China will allow international investor to take more stakes in domestic banks in China.

What's more, he said that bilateral cooperation is very important if China is required to expand the open door and market entry policies. Meanwhile, US should not delay or refuse Chinese banks' applications to open their branches in US. This is no good. Here Chinese banks refer to ICBC (Industrial and Commercial Bank of China) and CMB (China Merchants Bank). Both have submitted their applications to open their branches in New York. However, they have not got their licenses.

According to the reoprt of CBRC, about 74 foreign banks from 22 countries had set up their branches or institutions in 25 cities in China by the end of 2006. 186 foreign banks have established 242 represntative offices in China. Among them, the number of the branches of US banks ranks the second place following Hong Kong. In addition, Chinese commercial banks had attracted 29 overseas investors or foreign institutions by the end of 2006. The investment volume reached 19 billion US dollars. There are six investors or institutions that come from US, ranking the first place. However, US continues to require China to broaden its market entry policies.

Personally, I think that US should open its banking area to China equally. They should not require China to open its financial market unilaterally. It is unfair. Why is US reluctant to open its banking area to China? Because they are concerned about the transparency and management of Chinese banks. What's more, they think that Chinese banks are absent of a leagal framework to combat the anti-laundering black money. However, this should not be an excuse to refuse Chinese banks to enter its banking area.

What do you think? Should US allow Chinese banks to enter its banking area?[/quote]

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