Long Yongtu: opening of securities markets cannot be accelerated after WTO entry

Long Yongtu, vice minister of the Foreign Trade and Economic Cooperation, pointed out yesterday that China promises to open banking and insurance sectors after its WTO entry in a hope to develop China financial industry in a competitive global environment. However, the securities can not be opened synchronously, for the opening of securities must be compliant with the opening of capital market. Therefore, the opening of securities can not be sped up before the opening of capital market in China.

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