BUSINESS China's banking regulator calls for rationality, stability in China-US relationship

BUSINESS

China's banking regulator calls for rationality, stability in China-US relationship

China Daily

20:25, January 01, 2021

A bank staff member counts RMB and US dollar notes in Nantong, Jiangsu province, on Aug 28, 2019. (Photo: Sipa)

China's top banking and insurance regulator called for the United States government to promote a stable and healthy China-US relationship on Thursday.

"The cooperation between China and the US is extremely wide in the financial sector. It has brought huge benefits to the enterprises and people of both countries. A stable China-US relationship is not only in line with the fundamental interests of the two people but also meets the expectations of international society," an official of the China Banking and Insurance Regulatory Commission said.

"We hope the US government will meet China halfway, uphold the spirit of non-conflict, non-confrontation, mutual respect and win-win cooperation, promote healthy development of China-US relationship, and maintain international financial market stability together with us," he said.

In the past year, the CBIRC resolutely implemented the instructions of the Central Committee of the Communist Party of China and the State Council, China's Cabinet, on further opening up the country's financial market. The regulator gave market access to new foreign financial institutions in both the banking and insurance sectors. A considerable part of the institutions are US-funded. Some even set up wholly foreign-owned enterprises or joint ventures in which foreign firms take controlling majority shareholding, according to the CBIRC.

However, the United States government unilaterally imposed sanctions on Chinese citizens and corporate entities according to its domestic laws, thus violating international laws and the basic norms of international relations, the regulatory official said.

"Sovereignty is non-negotiable, and we cannot make concessions on China's core interests. We will never accept the so-called sanctions imposed by the US government that have no legal effect in the Chinese mainland and the Hong Kong Special Administrative Region.

"We will firmly safeguard national sovereignty, security and development, unwaveringly support financial institutions to do business while complying with laws and regulations, and provide fair and good quality financial services to all clients, including Hong Kong and the mainland residents," he said.

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