
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.