Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Huawei’s Harmony OS Will Compete Globally Within 2 Years, Founder Says
German Wholesaler Metro Agrees to Sell China Business to Wumei
LATEST
German Wholesaler Metro Agrees to Sell China Business to Wumei
Huawei’s Harmony OS Will Compete Globally Within 2 Years, Founder Says
Tech Entrepreneurs Dominate Latest Hurun Rich List
BYD Suffers Third Successive Drop in Monthly EV Sales
U.S.-Listed Chinese KOL Company Falls 9% After Flood of Class Lawsuits
Sunac Buys Li Ka-Shing Development in Dalian For More Than $560 Million: Sources
Bridge Collapse in Jiangsu Kills 3
Apple CEO Defends Decision to Block App Used to Track Hong Kong Police Movements
Chinese AI Startup Develops Image Recognition System With Japan Shipping Giant
Gaming Giant Blizzard Gets Frosty Response to Hong Kong Gamer Ban
Apple Pulls Hong Kong Police Tracker from App Store in Latest About-Face
Blacklisted Hikvision’s Stock Plunges Despite Upbeat Expectations
Patriotic Titles Fly the Flag for China’s Box Office During Golden Week
Nio Mini-Comeback Continues With Strong Q3 Deliveries
China Extends Policy Allocating Localities More Tax Revenue Amid Economic Slowdown
China’s 5G Service Preorders Hit 10 Million
Fitbit, Tile Look to Shift Production out of China Amid Tariff Strife
Alibaba, JD.com Stop Selling E-Cigarettes to U.S. Buyers
China Drafts Rule to Ban Price Discrimination in Tourism Services
New Chinese Entries on U.S. Blacklist Say Impact Is Manageable
China Doesn’t Engage in ‘State Monopoly Capitalism’: Banking Chief

By Wu Gang / May 25, 2019 06:28 PM / Finance

CBIRC Chairman Guo Shuqing. Photo: VCG

CBIRC Chairman Guo Shuqing. Photo: VCG

China’s economy isn’t based on “state monopoly capitalism,” the country’s top banking regulator said Saturday, adding the country won’t stop its momentum of opening up its financial industry.

The state sector now contributes less than 40% of China’s GDP, and it’s groundless to insist that the rapidly growing economy is a result of following a “state monopoly capitalism” model, said Guo Shuqing, head of the China Banking and Insurance Regulatory Commission, in a written speech read out by a representative at a forum in Beijing.

Guo said private capital and foreign investment can now enter almost any business areas, and many state-owned companies have added private stakeholders and are competing with each other. He added that China's ongoing opening up of the financial sector will never stop, let alone turn back.

His remarks addressed a key complaint by many Western nations, including the U.S., which say that China often unfairly supports state-owned companies to the detriment of private rivals in a number of key sectors such as energy and telecommunications.


Share this article
Open WeChat and scan the QR code