China must liberalise more - McCreevy

 

China has opened up its financial markets considerably but should do more to liberalise, EU Internal Market Commissioner Charlie McCreevy said today.

"We will always be pushing Chinese authorities to open up [markets] further," Mr McCreevy said in Tokyo.

McCreevy said he hoped China would liberalise its markets in the shortest time possible, adding that doing so would benefit its own economy.

But he stressed that specific policy decisions were up to the Chinese authorities.

Mr McCreevy visited China before coming to Japan, where he met government officials to build on financial regulatory ties and exchange views on financial services reform.

In his meetings with Chinese regulators, Mr McCreevy urged them to raise the caps on foreign stakes in local financial institutions while acknowledging that this would take time.