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Xi Vows to Ease Foreign Ownership in Financial Firms in 2018

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Xi Jinping
  • Xi Vows to Ease Foreign Ownership in Financial Firms in 2018

Chinese President Xi Jinping vowed to push ahead with efforts to open the nation’s financial industry this year even as a trade dispute with the U.S. heats up.

China will ensure policies announced last November to remove foreign ownership limits on banks, brokerages and insurers will be implemented in 2018, Xi said at the Boao Forum in Hainan on Tuesday. The nation will accelerate opening of its insurance industry, as well as ease requirements for foreign financial institutions to set up operations and expand their business scope, he added.

Xi gave a deadline for freeing up the nation’s $40 trillion financial sector despite trade tensions stemming from U.S. President Donald Trump’s plans to impose tariffs on Chinese exports. In November, China said it will remove foreign ownership limits on banks and allow overseas firms to take majority stakes in local securities ventures — part of its efforts to “substantially” ease barriers in the industry.

JPMorgan Chase & Co. and UBS Group AG are among global firms that are seeking to increase their stakes in local brokerages as China makes its capital markets more accessible. HSBC Holdings Plc has been building its business in the mainland as part of its “pivot to Asia.”

China has taken other steps to open up its financial industry, including allowing foreign investors greater access to its equities and debt markets through trading links with Hong Kong. Last month, the central bank announced the opening of its $27 trillion payments market, saying foreign companies can start applying for licenses through local units.

Still, foreign ownership of Chinese banks is seen as largely symbolic after global firms including Citigroup Inc. and Goldman Sachs Group Inc. sold stakes in mainland lenders in recent years. HSBC, with a 19 percent stake in Bank of Communications Co., is the only global lender to still have a significant holding.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

#EndSARS Protesters Kill as Security Operatives Open Fire at Lekki Toll Gate

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Security Operatives Open Fire on #EndSARS Protesters at Lekki Toll Gate

Nigerian security operatives deployed to Lekki Toll Gate following the announcement of a 24-hour curfew by Lagos State Governor, Babajide Sanwo-Olu, opened fire on peaceful protesters on Tuesday, October 20, 2020.

According to numerous accounts of protesters, the army started shooting even before the curfew announced to commence by 9 pm on Tuesday.

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Lagos Imposes 24 Hour Curfew as #EndSARS Protest Turns Violent

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Sanwo-Olu Imposes 24 Hour Curfew in Lagos as Hoodlums Hijacked #EndSARS Protests

The Executive Governor of Lagos, Babajide Sanwo-Olu, on Tuesday, imposed a 24-hour curfew on all parts of the state as peaceful #EndSARS protest turned violence amid the destruction of properties and lives.

In a statement released by the governor through his official Twitter account @jidesanwoolu, the governor said “I have watched with shock how what began as a peaceful #EndSARS protest has degenerated into a monster that is threatening the well-being of our society.

“Lives and limbs have been lost as criminals and miscreants are now hiding under the umbrella of these protests to unleash mayhem on our state. As a government that is alive to its responsibility and has shown a commitment to the movement #ENDSARS, we will not watch and allow anarchy in our dear state.”

“I, therefore, hereby impose a 24-hour curfew on all parts of the State as from 4pm today, 20th October,2020. Nobody, except essential service providers and first responders must be found on the streets.”

This was after reports of numerous attacks and destruction of properties by certain elements that the Nigerian youths claimed were sponsored by politicians to disrupt their agitation and invalidate the entire protest.

On Monday, prisoners were freed in Benin, Edo State by unknown individuals either sponsored by politicians or part of the protesters that gone rogue or with different agenda.

In Abuja, a group of thugs (sponsored or not) burnt several vehicles claimed to be parked by peaceful protesters while in Lagos, the story is not different as unscrupulous elements have been stealing and attacking people.

With a 24-hour curfew now in place in Lagos and Edo States, the youths agitating may be forced to eventually meet with the government to discuss their demands and implementation methodology.

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Buhari Bows to Pressure, Overhauls Murderous Police Unit, SARS

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FG, NPF Dissolve SARS Amid Nationwide Protests

President Muhammadu Buhari has finally bowed to pressure to disband the murderous Special Anti-Robbery Squad (SARS) unit of the Nigeria Police Force (NPF).

In a statement released on Sunday, Mohammed Adamu, Nigeria’s Inspector General of Police, said the Special Anti-Robbery Squad unit had been abolished “with immediate effect”. He, however, said SARS officers would be redeployed to other police units, formations and commands that the Nigerian people are saying also needs reform.

 

This was after President Buhari had said he met with the Inspector General of Police on Saturday to discuss reform of the UNIT against a complete overhaul being pushed by millions of harassed, dehumanised and disrespected Nigerian youths.

The statement further aggravated Nigerian youths, who encouraged Nigerians abroad to stage protests across the nation’s embassies in a move to draw international media and organisations to the plight of youths in Africa’s largest economy. Sensing chaos amid expected economic recession in the third quarter, President Buhari and the Nigeria Police Force quickly dissolved the murderous anti-robbery squad to force decorum and calm millions of angry Nigerian youths.

Nigerian youths, both celebrities, influencers and regular people, have used their social media backed with action to compel the Nigerian government, known for blatant disrespect, disregard and the use of counter-protests to suppress and discredit dissenting voice, to finally put to an end a police unit that has killed several youths for owning an iPhone, having a laptop, driving a car or even looking good.

This is a win for the Nigerian youths and sent a strong message to the leaders that youths will no longer tolerate their excesses and henceforth would be demanding accountability, transparency and the right implementation of the rule of law regardless of class, status or position.

To the youths, it validated what the majority have been clamouring for, UNITY that transcends tribes and religions. If Nigerian youths stick together and continue to demand change in one voice with civil disobedience, we will eventually have a Nigeria we all can be proud of.

Congratulations to US!.

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