Trump’s Visit to China: More Business Deals Than Trade Pacts
- 7 years ago
Trump’s Visit to China: More Business Deals Than Trade Pacts
William Zarit said that From what I understand, there really hasn’t been much of that for this visit,
China has issued new rules — although they have been paused because of bitter complaints from bankers —
that would require banks to buy most of the telecommunications equipment they use in China from Chinese suppliers and to store their Chinese data in China.
We need to expand the opening up of services while we deepen the opening up of manufacturing." More American investment in the Chinese service
sectors may not do much to help the heavily blue-collar workers in Rust Belt states who helped propel Mr. Trump to the presidency a year ago.
Several financial firms were interested in attending the trip to discuss Chinese restrictions on bank ownership, but they decided to pull back when they learned
that the Trump administration was focused on making deals rather than pushing for structural reform, said an industry source who is familiar with the negotiations, who declined to be identified while discussing internal deliberations.
In a briefing Oct. 31, a senior administration official said improving trade competitiveness
in services would be one of the White House’s top priorities for the trip.
China has already made it a little easier for international asset managers to operate investment funds in China
and allowed big institutions like Citibank to establish toeholds in China’s bond market by granting them narrowly defined trading licenses.
William Zarit said that From what I understand, there really hasn’t been much of that for this visit,
China has issued new rules — although they have been paused because of bitter complaints from bankers —
that would require banks to buy most of the telecommunications equipment they use in China from Chinese suppliers and to store their Chinese data in China.
We need to expand the opening up of services while we deepen the opening up of manufacturing." More American investment in the Chinese service
sectors may not do much to help the heavily blue-collar workers in Rust Belt states who helped propel Mr. Trump to the presidency a year ago.
Several financial firms were interested in attending the trip to discuss Chinese restrictions on bank ownership, but they decided to pull back when they learned
that the Trump administration was focused on making deals rather than pushing for structural reform, said an industry source who is familiar with the negotiations, who declined to be identified while discussing internal deliberations.
In a briefing Oct. 31, a senior administration official said improving trade competitiveness
in services would be one of the White House’s top priorities for the trip.
China has already made it a little easier for international asset managers to operate investment funds in China
and allowed big institutions like Citibank to establish toeholds in China’s bond market by granting them narrowly defined trading licenses.