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China pledges to allow more foreign investment in financial sector by year-end

Reuters  |  BOAO, China 

By Kevin YaoBOAO, China (Reuters) - China laid out a clearer timetable on Wednesday for opening its financial sector to more foreign investment by the end of 2018, as Beijing looks to fend off growing criticism from the United States and other trading partners that it unfairly limits competition.People's Bank of China (PBOC) Governor Yi Gang said China will allow foreign firms to compete on an equal footing with domestic companies in the financial sector, giving foreign banks more business scope in the country.Though the specific details offered were mostly incremental and repeated past ...

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First Published: Wed, April 11 2018. 16:22 IST