China can 'absolutely' reach deal with U.S. on financial opening
China can “absolutely” reach an agreement with the United States on opening up its financial sector, China's top banking regulator said on Tuesday, even as the country's commerce minister admitted talks with Washington had been difficult.
The two countries have been working to resolve a bitter trade dispute that has rattled financial markets and disrupted world supply chains in a blow to global growth.
The United States and China appear close to a deal that would roll back U.S. tariffs on at least 200 billion U.S. dollars worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs on U.S. goods, a source briefed on negotiations said on Sunday.
Washington has accused China of limiting market access for U.S. firms, forcing companies to transfer technology and providing little protection for intellectual property rights.
Speaking on the sidelines of China's two sessions on Tuesday, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said while he could not give details on the talks, reaching an agreement in the financial area should not pose problems.
“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.