久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

China and the US have agreed on a series of market-opening measures in securities industries during the second round of the Strategic Economic Dialogue (SED).

Those steps include China allowing more overseas market players to set up joint venture securities firms in the second half of this year.

The country will also allow international firms to expand their business from underwriting to brokerage, principal investment and asset management before the third round of SED later this year.

Analysts point out that the opening up of the securities industry is unlike the opening up of other sectors, and might adversely affect local brokerages as the securities service business has long been a puny industry because of the underdeveloped capital market.

China made a less opening commitment in its securities industry in the World Trade Organization (WTO) for the same reason.

Special coverage: Markets Watch Related readings:  QDII expanded to include securities, fund companies  Gov't to raise foreign brokerages' investment cap  China's securities industry to open up Economy fuels M&As in China

"Unlike commodity trade, in which China and the United States both have their own advantages, China's financial services industry remains small and sluggish, and unable to face foreign competitors," said Zhao Xijun, a professor with Renmin University of China.

Agreed She Minhua, an analyst with CITIC China Securities, saying opening up the securities industry will be much more significant than the opening up of commercial banks.

China opened up its banking industry on December 11. Compared with their foreign rivals, local commercial banks have obvious advantages - they have all developed strong networks across the country that make it hard for foreign banks to compete.

But as the brokerage business is founded on knowledge, talents and credit, rather than infrastructure, local firms are too weak to compete with the likes of Goldman Sachs and Morgan Stanley.

"After the British opened up its securities industry, its local brokerages, squeezed by giant international securities firms, lost the chance to grow into big firms," said Cheng Weiqing, analyst with CITIC Securities.

Cheng said local brokerages have been growing in a closed environment with no competition. Though they have been improving their services in recent years, they are way behind in innovation compared with their American rivals.

"The opening up should be step by step, giving local firms enough time to adjust and grow in order to face the competition," Zhao from Renmin University of China said.

1

2

(For more biz stories, please visit Industry Updates)