The long-awaited U.S.-China trade deal unveiled on Wednesday touted new wins for...
WASHINGTON/HONG KONG - The long-awaited U.S.-China trade deal unveiled on Wednesday touted new wins for U.S. companies looking to access China’s $40 trillion financial market, but many of the changes were already in the works even before the trade war ignited.
China, which has pledged for years to open up its financial services sector to more foreign competition, previously said the deal would boost imports of U.S. financial services. This month, all foreign ownership limits in futures companies were scrapped, while China said last year that it would do the same for mutual funds by April 2020.
U.S. President Donald Trump shakes hands with Chinese Vice Premier Liu He during a signing ceremony for"phase one" of the U.S.-China trade agreement in the East Room of the White House in Washington, U.S., January 15, 2020. REUTERS/Kevin Lamarque
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