EU official says China's financial sector largely closed
BEIJING (AFP) - China's financial sector is not open enough to foreign participation and key obstacles remain to investment, a top European Union official said on Tuesday.
"Chinese banks are some of the biggest and most powerful banks in the world," Michel Barnier, European commissioner for internal market and services, told reporters.
"They shouldn't and do not fear competition," he added.
Barnier spoke at the end of a visit to China for talks with officials, including Finance Minister Lou Jiwei.