Caixin
Aug 07, 2020 06:59 PM
FINANCE

China Could Adopt Negative List for Future Financial Opening-Up, PBOC Official Says

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What’s new: Zhu Jun, head of the Chinese central bank’s international department, said (link in Chinese) at a recent forum that the country could adopt a negative list for future financial opening-up associated with free trade agreements.

Zhu said that China is studying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as a blueprint for future free trade agreements.

The CPTPP adopts a “negative list” approach, which is different from previous free trade agreements and can bring more openness as it only bans some items and leaves everything else open, Zhu said.

What’s the background: The CPTPP is a free trade agreement involving 11 countries, including Japan and Canada. Experts have said the agreement, which took effect in December 2018, represents the next generation of trade and investment rules in multiple areas.

Chinese Premier Li Keqiang in May remarked during the annual gathering of China’s top legislature that “China has a positive and open attitude toward joining the CPTPP.”

Related: In Depth: China Has Good Reasons to Join Pacific Trade Pact, but Obstacles Remain

Contact reporter Timmy Shen (hongmingshen@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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