US Politics in Trump era Public date: 17.09.2019 01:44:11

5 Mar 2019

US banks on back foot as global rivals charge into China

European and Japanese financial institutions are breaking new ground in the Chinese market as U.S. competitors take a back seat due to tensions over trade and intellectual property practices.Although China relaxed rules on majority foreign stakes in its financial sector last year, with full ownership taking effect after 2021, authorities there have yet to grant such approval for U.S. banks' joint ventures.
European and Japanese financial institutions are breaking new ground in the Chinese market as U.S. competitors take a...

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