Date
19 September 2019
China's top banking regulator Guo Shuqing speaks to reporters on the sidelines of the National People's Congress at the Great Hall of the People in Beijing on Tuesday. Photo: Reuters
China's top banking regulator Guo Shuqing speaks to reporters on the sidelines of the National People's Congress at the Great Hall of the People in Beijing on Tuesday. Photo: Reuters

China can reach deal with US on financial opening: CBIRC chief

China can “absolutely” reach an agreement with the United States on opening up its financial sector, China’s top banking regulator said, even as the country’s commerce minister admitted talks with Washington had been difficult.

Speaking on the sidelines of China’s annual meeting of parliament, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said while he could not give details on the talks, reaching an agreement in the financial area should not pose problems, Reuters reports.

“On the opening of the financial sector, China and the United States absolutely can reach agreement. Though at present there may be a few small disagreements, the problems are not that great,” Guo said on Tuesday.

The United States has also expressed concerns about the value of China’s yuan.

Guo reiterated that China did not engage in competitive devaluation of the yuan currency.

Speaking separately on parliament’s sidelines, Commerce Minister Zhong Shan said that trade talks with the US have been difficult.

“There is a lot of content in the consultations, the difficulty is great. This needs our teams to work overtime, day and night,” Reuters quoted Zhong as saying.

“At present working teams are still continuing negotiations, as we still have a lot to do.”

The trade talks have achieved a breakthrough in some areas, Zhong said, adding that both China and the US and the global economy stand to benefit if both countries can reach a trade deal.

China and the US should seek common ground while setting aside their differences if they want to reach a consensus, Zhong added.

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