China should ease regulations for foreign financial institutions: HSBC executive
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Wednesday
August 17, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
WEDNESDAY, AUGUST 17, 2022
China should ease regulations for foreign financial institutions: HSBC executive

Global Economy

Reuters
27 October, 2019, 03:00 pm
Last modified: 27 October, 2019, 03:07 pm

Related News

  • China will step up policy support for economy, premier tells state media
  • China to discourage abortions to boost low birth rate
  • Tencent plans to divest Meituan stake worth $24 billion
  • Trapped cash mangles China's policy plans
  • Two Covid scares cause mayhem in Shanghai

China should ease regulations for foreign financial institutions: HSBC executive

Chinese regulators announced a firm timetable to fully open its futures, brokerage and mutual fund sectors to foreign investors in 2020

Reuters
27 October, 2019, 03:00 pm
Last modified: 27 October, 2019, 03:07 pm
File Photo: Peter Wong, deputy chairman and chief executive of HSBC's Asia Pacific operations
File Photo: Peter Wong, deputy chairman and chief executive of HSBC's Asia Pacific operations

China should ease regulations so that foreign financial institutions can obtain licenses and raise deposits more easily in the country, a senior executive from HSBC said on Sunday.

Peter Wong, deputy chairman and chief executive of HSBC's Asia Pacific operations, also told a financial summit in Shanghai that China needs to improve corporate governance and investor protection to mitigate systemic risks.

"We really don't want to have another situation ... similar to the Lehman crisis in China," Wong said, referring to the collapse of the US bank that helped trigger the global financial crisis in 2008.

China has stepped up opening its giant financial industry amid a bruising trade war with the United States. Earlier this month, regulators announced a firm timetable to fully open its futures, brokerage and mutual fund sectors to foreign investors in 2020.

Wong said relaxed foreign ownership rules are very important for HSBC, which, in addition to its banking business, also owns insurance, asset management and brokerage ventures in China.

But other regulations also need to be relaxed, he said, for example, to allow HSBC to expand its insurance business more easily into new cities and provinces in China.

Another obstacle, Wong said, is that "it's very difficult for foreign banks to get deposits in China" due to very stringent requirements, so China should "figure out a way" to help them.

"We've been trying for a number of years. Now we're developing, we're increasing our share, but the journey is not easy," he said.

World+Biz / Top News

Foreign investment / china

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • PM gives go-ahead to formal negotiations on CEPA
    PM gives go-ahead to formal negotiations on CEPA
  • Russia now offers Bangladesh finished oil
    Russia now offers Bangladesh finished oil
  • Photo: Reuters
    Oil prices recover from 6-month lows after drop in US stockpiles

MOST VIEWED

  • Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. REUTERS/Aly Song
    Elon Musk says he is buying Manchester United
  • US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
    Dollar gains, euro recovers earlier losses
  • The Lebanese-flagged bulk carrier Brave Commander is seen in the sea port of Pivdennyi during loading with wheat for Ethiopia after restarting grain export, amid Russia's attack on Ukraine, in the town of Yuzhne, Odesa region, Ukraine August 14, 2022. REUTERS/Valentyn Ogirenko
    Turkey says five more grain ships leave Ukrainian ports
  • The Lebanese-flagged bulk carrier Brave Commander leaves the sea port of Pivdennyi with wheat for Ethiopia after restarting grain export, amid Russia's attack on Ukraine, in the town of Yuzhne, Odesa region, Ukraine August 16, 2022. REUTERS/Igor Tkachenko
    First post-blockade food aid ship leaves Ukraine for Africa
  • A diesel fuel tank at a supplier in the US.Photographer: Luke Sharrett/Bloomberg
    A storm brews in heating oil
  • A vehicle is seen refueled with petrol at a fuel station in Mumbai June 25, 2010. REUTERS/Danish Siddiqui/Files
    Nothing personal, strictly business: Why India buys Russian oil despite Western criticism

Related News

  • China will step up policy support for economy, premier tells state media
  • China to discourage abortions to boost low birth rate
  • Tencent plans to divest Meituan stake worth $24 billion
  • Trapped cash mangles China's policy plans
  • Two Covid scares cause mayhem in Shanghai

Features

Photo: Collected

Which Nintendo Switch should you switch to?

13h | Brands
Photo: Collected

Welcome to the age of glass facades

21h | Habitat
Photo: Mumit M/TBS

Why artificial oyster reefs are the answer to our coastal embankments problems

21h | Panorama
Illustration: TBS

Anwar Group: From comb maker to owner of 20 companies

23h | Panorama

More Videos from TBS

The app that runs water taps

The app that runs water taps

11h | Videos
B-Latin Club brings rhythm to busy life of Dhaka

B-Latin Club brings rhythm to busy life of Dhaka

12h | Videos
Whose negligence caused loss of life in under construction projects?

Whose negligence caused loss of life in under construction projects?

13h | Videos
Shakib Al Hasan wins despite 'losing'

Shakib Al Hasan wins despite 'losing'

14h | Videos

Most Read

1
From left Afzal Karim, Murshedul Kabir and Mohammad Jahangir
Banking

Sonali, Agrani and Rupali banks get new MDs

2
Photo: TBS
Bangladesh

5 crushed to death as BRT girder falls on car in Uttara

3
Dollar price drops by Tk8 in kerb market
Economy

Dollar price drops by Tk8 in kerb market

4
Representational Image. Photo: Collected
Bangladesh

Air passengers should plan extra commute time to airport: DMP

5
Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 
Banking

Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 

6
Ambassador of Switzerland to Bangladesh Nathalie Chuard. Photo: Courtesy
Bangladesh

Bangladesh never asked for particular info from Swiss bank: Ambassador

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]