The Asian Association of Securities and Financial Markets (ASIFMA) believes that even if the escalation of the trade war affects the financial sector, China should not restrict American financial companies from entering the Chinese market. ASIFMA is a lobbying group representing global banking and asset management companies.
The association also called on the Chinese government to speed up the opening of domestic financial markets to attract much-needed foreign capital inflows and help the economy slowed down by the escalation of trade disputes.
"Our message to the Chinese authorities will be that it is unwise to differentiate between American and non-American companies in the current situation," ASIFM CEO Mark Austen told Reuters.
"For its own benefit, China really needs to open its domestic market and establish transparent, fair and non-discriminatory market access."
He added that there was no evidence that China preferred non-U.S. companies.
In a report released on Thursday, the association complained about China's delay in issuing mainland business licences to Fitch, the US credit rating agency, Visa (V.N) and Mastercard (MA.N), but Austen did not see any connection between these issues and trade tensions between China and the United States.
"I think the Chinese authorities are very clear that they must establish transparent and non-discriminatory access and not participate in political influence, which will undermine all their efforts to develop financial markets."
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