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American Business Group Tells China to Open More Markets
U.S. Business Group Tells China to Open Insurance and Securities Markets
Foreign service businesses are "pessimistic about the regulatory environment"
(BEIJING) — An American business group urged China on Friday to allow more access to its insurance and other service industries, saying foreign skills could help develop its volatile stock markets and cope with disasters like the recent chemical explosion in Tianjin.Opening largely closed banking, logistics and other markets wider to foreign competitors would support the communist leadership’s effort to nurture service industries and reduce reliance on trade and investment to drive economic growth, the American Chamber of Commerce in China said.
The group’s deputy chairman, Lester Ross, pointed to China’s stock market plunge and the Aug. 12 explosion in Tianjin that killed at least 145 people, and said bringing in more global expertise could help to develop financial markets and reduce the impact of disasters.
“Our hope, frankly, is that the downturn in the market will encourage the Chinese government to open faster,” Ross said at a news conference.
In a report, the chamber also cited potential opportunities in fields including engineering, health care, communications technology, legal services, real estate, entertainment, online commerce and logistics.
The report is part of an annual series but its release comes at a time when stock market turmoil and unexpectedly weak export and manufacturing data have fueled concerns about the health of China’s economy. That has prompted urging from economists for Beijing to move faster on promised reforms aimed at making the economy more productive by opening state-dominated industries to private and foreign competition.
Despite promises of reform, foreign service businesses are “pessimistic about the regulatory environment,” said the chamber chairman, James Zimmerman.
Ross said China’s insurance industry, with a history of just 35 years, lacks the experience of foreign insurers at spotting potential risks and encouraging policyholders to reduce them.
“The more of that China has, the less likely it would be that it’s going to have casualties and disasters like those we have recently seen,” he said.
Zimmerman said Beijing should take action on its own without waiting to complete talks underway with Washington on proposed bilateral investment treaties that are expected to lead to further market opening.
“For the Chinese economy’s own good, they need to move faster,” said Zimmerman.
The chamber also expressed concern about the impact of proposed Chinese anti-terrorism and cybersecurity laws that companies worry could restrict market access for a wide array of foreign communications, computer and other technology.
The number of telecommunications services open to foreign investment is “very, very limited,” and the government’s “exaggerated concern about security” could reduce access further, Ross said.
Asian Stocks Rise After U.S. Data Calms Investors
Regional markets took their lead from Wall Street
(HONG KONG) — Asian stocks rose Friday as upbeat U.S. economic data lifted investors’ spirits following days of stomach-churning turbulence sparked by a heavy sell-off in China.Regional markets took their lead from Wall Street, where benchmarks had a strong finish after a government report showed the U.S. second quarter economic growth was much stronger than initially estimated. That gave added encouragement to investors seeking out bargains in beaten-down shares.
Japan’s benchmark Nikkei 225 index led regional gains, adding 2.5 percent to 19,020.35 after lackluster monthly data on inflation and household spending raised hopes of further stimulus.
The Shanghai Composite Index in mainland China rose 1.2 percent to 3,120.25, adding to its 5.3 percent gain Thursday, which was its first increase in six days, during which it shed nearly 23 percent.
South Korea’s Kospi climbed 1.4 percent to 1,933.98 while Hong Kong’s Hang Seng added 0.9 percent to 22,042.26. Australia’s S&P/ASX 200 edged up 0.2 percent to 5,243.40.
“After another strong market open, investors are starting to wonder what the recent sell-off was all about,” Ric Spooner, chief analyst at CMC Markets in Sydney, Australia, wrote in a commentary. “Another day of strong buying looks likely as investors scramble to take advantage of what looks like a value opportunity before it closes down.”
On Wall Street, the Dow Jones industrial average climbed 2.3 percent to 16,654.77, recouping nearly half of its losses over the past two days following a sharp six-day slump. The S&P 500 index gained 2.4 percent to 1,987.66 and the Nasdaq composite rose 2.5 percent to 4,812.71.
The dollar slipped to 121.11 yen from 121.12 in late trading Thursday. The euro climbed to $1.1261 from $1.1242.
Benchmark U.S. crude oil extended gains, rising 51 cents to $43.07 in electronic trading on the New York Mercantile Exchange. On Thursday the contract posted its biggest one-day gain in six years, leaping $3.96, or 10.3 percent, to $42.56 a barrel. Brent crude, a benchmark for international oils imported by U.S. refineries, rose 19 cents to $47.75 in London.
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