This is an encouraging statement in today's FT by the deputy governor of the People’s Bank of China and head the State Administration of Foreign Exchange on the benefits of mutual recognition in financial services. There would certainly be advantages for both China and the UK from further regulatory cooperation in financial regulation, and the recognition of standards. This would also allow Chinese customers to benefit more easily from the UK's global financial market and deep expertise.
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Encouraging statements from China on mutual recognition in financial services?
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Looking ahead, China’s financial authorities want to step up exchanges with our international counterparts and strengthen co-operation on antitrust issues, data treatment and consumer protection. We will ensure that fintech regulation is effective, measured and guards against cross-border regulatory arbitrage and contagion. When we insist on good supervision, equal access and fair competition, fintech will develop in a way that balances capital expansion, innovation and public interests, and develops technology for good. It’s not an easy task. We need to try hard and work together.
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