European Chamber meets with Commissioner McCreevy Go back »
2006-05-15 | Beijing
European Chamber meets with Commissioner McCreevyOn 15th May the European Chamber's Banking and Insurance Working Groups met with Mr. Charlie McCreevy, Commissioner of the Directorate Generale for the Internal Market Services, before his meetings with Chinese ministers and Chairmen of a number of financial regulators.
The meeting featured in depth discussion on the Chinese financial sector and the hurdles that European financial services providers face in China. Specific issues discussed include:
- Foreign insurers are not allowed to offer third party liability insurance in China
- Excessively high capital requirements for capital requirements
- Foreign insurers are not able to offer pension (corporate annuity) products in China
- Infrastructural obstacles foreign banks face in China (high capital requirements, prudential ratios calculated at the branch level)
- Foreign ownership restrictions in Chinese banks
- The need to further open up investment banking service