China Speeds Up Opening of Market to Investment Bank
Giants
Bloomberg Bloomberg News,Bloomberg 16 hours ago
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(Bloomberg) -- China brought forward the planned opening of
its $21 trillion capital market by eight months, swinging the door open for
global investment banks such as Goldman Sachs Group Inc.
The New York-based powerhouse, and
rivals including JPMorgan Chase & Co. and Morgan Stanley, will now be
allowed to apply to form fully owned units to do a broad array of investment
banking and securities dealing in the Communist Party-ruled nation in April,
compared with an earlier timetable set for December.
The decision was included in the signing of a trade deal
with the U.S., partially resolving a protracted dispute that has weighed on the
world’s second-largest economy. China had already committed to a broader
opening of its $45 trillion financial markets, which also includes given access
to its asset-management and insurance markets.
“China
shall eliminate foreign equity limits and allow wholly U.S.-owned services
suppliers to participate in the securities, fund management, and futures
sectors,” according the text of the landmark Phase 1 trade agreement released
Wednesday.
China said it won’t take longer than 90 days to consider
applications from providers of electronic-payments services including American
Express Co., Mastercard Inc. and Visa Inc. to handle transactions in the
nation. It will remove restrictions to allow U.S.-owned insurance companies
into its markets and also open its $14 trillion market to U.S. credit-rating
companies.
As a reciprocal move, the U.S. will
“consider expeditiously” pending requests by Chinese financial firms including
Citic Securities Co., China Reinsurance Group Corp. and China International
Capital Corp. It committed to “non-discriminatory” treatment of payment
providers such as UnionPay Co. and Chinese credit rating companies.
China is also opening its market to allow more foreign
investment into the country’s 2.37 trillion yuan ($344 billion) non-performing
loan market, giving U.S. investors direct access to the market as part of its
trade deal amid a surge in bad loans.
While Wall Street’s
giants and their European counterparts have been present in mainland China for
decades, and done deals for the country’s corporate titans, they have until now
had limited opportunity to do direct business, having had to operate through
joint ventures with local partners. Full ownership would be a final step after
they in late 2018 were given the go-ahead to take majority control over their
ventures.
Much Welcome
China has made “significant commitments” in the deal, Jake
Parker, vice president at the U.S.-China Business Council, said in an e-mailed
comment. “While China has already in the past year announced many of the
commitments on the financial openings in the agreement, the inclusion of
specific timelines on when these commitments will be implemented is very much
welcome and will improve enforceability going forward.”
UBS Group AG, Nomura Holdings Inc. and JPMorgan already hold
a majority in their ventures, while the others are in the process of applying
for a 51% stake. It’s unclear if the application process will now move straight
to the 100% hurdle.
By dismantling the wall to its financial market, China is
counting on foreign financial firms to plow $1 trillion in fresh capital into
the nation over the next few years, cushioning a slowdown in the economy and
helping a transition to more consumer-led growth model.
The global banks, meanwhile, have a lot to gain in getting
access to China’s still-fast growing economy and its increasingly prosperous
population. Up for grabs is an estimated $9 billion in annual profits by 2030
in the commercial banking and securities sectors alone, Bloomberg Intelligence
estimates.
But they will still need to steer an often opaque and
precarious political landscape. After meeting with global banking executives in
November, President Xi Jinping warned that China would seek to preserve its
“financial sovereignty” even as he committed to the market opening.
China’s official People’s Daily newspaper said in a comment
that the deal is generally in line with its direction of advancing reforms and
opening up, and will support its need for “high-quality economic growth.”
The newspaper said that the reforms and opening up will be
done “at its own pace.”
The nation has plans to create investment banking behemoths
of its own to compete with the foreign influx and expand abroad. Right now,
China has a fragmented market of brokerages, with about 131 firms and a limited
global presence. Their combined assets equal to what Goldman Sachs sits on by
itself.
Translation
（彭博）- 中國提前了八個月開放其計劃中的21萬億美元的資本市場，為高盛集團（Goldman
Sachs Group Inc.）等全球投資銀行敞開了大門。
這家總部位於紐約的勁旅以及包括摩根大通和摩根士丹利在內的競爭對手現在將被允許申請成立全資子公司，由四月開始可在共產黨統治的國家進行廣泛的投資銀行和證券交易 ，相比對原定時間表是12月。
該決定是包括在與美國簽署的貿易協議中，協議部分解決了拖延着世界第二大經濟體的長期爭端。中國已經承諾擴大開放其45萬億美元的金融市場，其中包括允許進入其資產管理和保險市場。
根據周三發布的具有里程碑意義的第一階段貿易協議的文本，“中國將取消外國股權限制，並允許美國獨資服務提供商參與證券，基金管理和期貨行業。”
中國表示，它將不會用超過90天去審議包括美國運通，萬事達和維薩等電子支付服務提供商的處理國內交易的申請，它將取消美國擁有的保險公司進入其市場的限制，並向美國信用評級公司開放其14萬億美元的市場。
作為對等措施，美國將“迅速考慮”中信證券公司，中國再保險集團公司,
和中國國際金融公司等中國金融公司的待定中的申請。美國承諾對銀聯等支付服務提供商進行“非歧視”待遇, 例如銀聯公司和中國信用評級公司。
中國還開放市場，允許更多外資進入該國2.37萬億元人民幣（3,440億美元）的不良貸款市場。在不良貸款激增的情況下，作為其貿易協議的一部分，美國投資者可以直接進入該市場。
儘管華爾街的巨人和他們的歐洲同行已經在中國大陸呆了數十年，並與該國的企業巨頭有持续業務，但迄今為止，他們直接業務機會有限, 亦不得不通過與當地合作夥伴的合資企業來開展業務。在2018年底他們獲准對企業進行擁有多數控制權,
之後最後一步是獲准完全擁有權。
非常歡迎
美中貿易理事會副主席傑克·帕克（Jake
Parker）在一封電子郵件中說，中國在這項交易中做出了“重大承諾”。 “儘管過去一年中國已經在協議中宣布了許多關於金融開放的承諾，如今加入了在何時實施的具體時間表的承諾，這將改善今後的可執行性,
並会非常受歡迎。”
瑞銀集團，野村控股公司和摩根大通已持有其合資企業的多數股權，其他合資企業正在申請持有51％的股權。目前尚不清楚申請程序是否會立即到达100％股權的關卡。
通過拆除金融市場的壁壘，中國指望外國金融公司在未來幾年內向該國投入1萬億美元的新資本，以緩解經濟增速放緩並幫助過渡到以消費者為主導的增長模式。
與此同時，在進入仍處於快速增長的經濟和日益繁榮的人口中的中國,
全球銀行可以大有收穫。彭博資訊（Bloomberg
Intelligence）估計，到2030年，僅商業銀行和證券領域的年利潤估計將達到90億美元。
但是他們仍將需要驾驭一個通常不透明和不穩定的政治環境。習近平主席在11月會見全球銀行業高管後，警告中國即使致力於市場開放，也將尋求維護其“金融主權”。
中國官方的《人民日報》在評論中說，貿易協議總體上符合其推進改革開放的方向，並將支持其“高質量經濟增長”的需求。
該報說，改革開放將“按照自己的節奏”進行。
該國計劃建立自己的投資銀行業巨頭，與外國資本競爭並向海外擴張。目前，中國的經紀市場比較分散，大約有131家公司，全球業務有限。他們的总資產等於高盛本身的資產。
It seems that China has agreed to open its
financial market to the US at the phase-one trade treaty. I would like compare President
Trump’s recent trade war with China to M.C. Perry’s war threat on Japan in
mid-19th century. Both conflicts have ended up with a treaty that would increase
the business opportunity of the Americans. More than one and half centuries
ago, military power played a key role in shaping global foreign relation among
countries; now in the 21st century economic power rules.
M.C. Perry’s visits to Japan has been covered in a book
entitled the “Narrative of the Expedition of an American Squadron to the China
Seas and Japan” published in 1856. It has three volumes; the first volume
contains the complete narration of Commodore Perry's mission. The second volume
contains a series of reports. The third volume contains observations on the
Zodiacal Light. For more information about this book please see my blog dated
17th August 2009.
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