China’s top banking and insurance regulator called for the United States government to promote a stable and healthy China-US relationship on Thursday.

“The cooperation between China and the US is extremely wide in the financial sector. It has brought huge benefits to the enterprises and people of both countries. A stable China-US relationship is not only in line with the fundamental interests of the two people but also meets the expectations of international society,” an official of the China Banking and Insurance Regulatory Commission said.

“We hope the US government will meet China halfway, uphold the spirit of non-conflict, non-confrontation, mutual respect and win-win cooperation, promote healthy development of China-US relationship, and maintain international financial market stability together with us,” he said.

In the past year, the CBIRC resolutely implemented the instructions of the Central Committee of the Communist Party of China and the State Council, China’s Cabinet, on further opening up the country’s financial market. The regulator gave market access to new foreign financial institutions in both the banking and insurance sectors. A considerable part of the institutions are US-funded. Some even set up wholly foreign-owned enterprises or joint ventures in which foreign firms take controlling majority shareholding, according to the CBIRC.

However, the United States government unilaterally imposed sanctions on Chinese citizens and corporate entities according to its domestic laws, thus violating international laws and the basic norms of international relations, the regulatory official said.

“Sovereignty is non-negotiable, and we cannot make concessions on China’s core interests. We will never accept the so-called sanctions imposed by the US government that have no legal effect in the Chinese mainland and the Hong Kong Special Administrative Region.

“We will firmly safeguard national sovereignty, security and development, unwaveringly support financial institutions to do business while complying with laws and regulations, and provide fair and good quality financial services to all clients, including Hong Kong and the mainland residents,” he said.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Asian markets mixed after Wall Street slides

BEIJING — Asian stock markets were mixed Monday after Wall Street turned in its biggest weekly decline in more than two months. Benchmarks in Shanghai, Tokyo and Hong Kong retreated while Seoul and Sydney gained. Southeast Asian markets were mixed.…

China’s June factory activity quickens, but exporters struggle amid pandemic

BEIJING (Reuters) – China’s factory activity expanded at a stronger pace in June, as the economy continues to recover after the government lifted strict lockdowns and ramped up investment, but export orders remained weak as the global coronavirus crisis shatters…

Ant should take a relook at small loan business, experts say

Ant Group’s loan business should better serve the society and facilitate inclusive finance, according to analysts. Financial regulators’ decision of delaying the Chinese fintech giant’s $34.4 billion IPOs is a warning for fintech companies to reconsider their small loan business,…

The rich really are different: They’re buying more jewelry during Covid

New York (CNN)Here’s the latest sign of economic divide between the haves and have-nots in the pandemic: Rich people are buying more high-end jewelry like diamond rings and gold necklaces. According to Edahn Golan, founder of Edahn Golan Diamond Research…