On 20th November, European Chamber President Mats Harborn led a small delegation to meet with Wang Zhaoxing, Vice Chairman of the newly formed China Banking and Insurance Regulatory Commission (CBIRC), and presented European Business in China Position Paper 2017/2018 to him.
Vice Chairman Wang reiterated China’s commitment to far reaching reform in the banking and insurance sectors. He stated that opening up is crucial to create a more level playing field so as to improve the efficiency of China’s banking and insurance sectors. The Chamber delegation discussed issues that are yet to be resolved and agreed to provide constructive recommendations to the CBIRC on how they can be tackled. The issue of private enterprises and SME financing was also discussed. The CBIRC stated that they are acutely aware of this issue and are in the process of devising measures in response. Upon conclusion of the meeting, the Chamber expressed appreciation for such direct and open dialogue with CBIRC.
Source: European Union Chamber of Commerce in China