Report: China might surprise the world with more economic reforms in 2018

Expect China to introduce more reform measures to open up its economy in 2018, said Liu He, the top financial and economic adviser to President Xi Jinping.

He was quoted by Bloomberg as saying at World Economic Forum’s annual meeting in Davos, Switzerland as saying that "some measures will exceed the expectations of the international community.”

However, he did not specify what the new policies would be, according to the Bloomberg report.

Last November, China made a long-awaited move to open its financial system, announcing it will remove foreign ownership cap on banks and allow foreign firms to take majority stakes in local securities ventures, insurers, and fund management firms.

At Davos, Liu also said that China will further integrate with international trade rules and ease market access, according to the report.

"We will further open up the services sector, the financial sector in particular,” he was cited as saying in the report. "China has stood firm against all forms of protectionism. We have broadened access to our financial markets and taken the initiative to increase imports."

 

 

 

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