BANKING: BARNIER APPEALS TO BEIJING.

The Chinese banking sector remains insufficiently open to foreign competition, the Commissioner for the Internal Market, Michel Barnier, said during a visit to Beijing, on 7 January, where he met banking officials and Chinese Finance Minister Lou Jiwei.

"Chinese banks are some of the biggest and most powerful banks in the world," Barnier told reporters. "They shouldn't and do not fear competition [...] There is definitely room for progress." He emphasised that foreign banks only represent 1% to 2% of the banking and insurance market in China, where there are "serious needs," and pointed out that obstacles to competition remain in China, echoing the regular...