China, Switzerland agree to promote financial market access

By Ma Jingjing Source:Global Times Published: 2017/4/14 23:43:39

Switzerland finance officials said on Friday in Beijing that the European country and China agreed to promote entry into each other's financial market, but they expressed hope for a higher degree of opening up in China's financial sector, during which Switzerland is willing to take part in pilot programs.

Both countries agree on further opening up in the financial sector, but the degree of opening up in the sector is different in the two countries, said Jorg Gasser, head of State Secretariat for International Finance Matters at Federal Department of Finance of Switzerland.

Switzerland's financial market is almost 100 percent opening up to foreign financial services providers, establishing a sound environment for them do carry out their business, he told the Global Times on a conference in Beijing.

"We hope that China can further open up its market for foreign companies," he added.

The Chinese government stressed to lower the threshold for foreign investment into the country's financial sector including banks, securities firms and futures firms as well as audit services, architectural design and valuation services, according to an announcement on measures for attracting foreign investment on government website on January 17.

Chinese commerce ministry spokesman Wang Shouwen said on a conference on January 6 that the ministry of Commerce will discuss with financial authorities to release specific measures as soon as possible.

Switzerland is willing to join in related pilot programs in China's opening up process, as the country has a good reputation in financial sector and sound risk management measures, Ueli Maurer, head of Federal Department Finance, told the Global Times.

Posted in: MARKETS

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