U.S. gives China plan for a ‘leap’ in finance – Edmund L. Andrews

From The New York Times:

The Bush administration on Sunday promoted a sweeping plan to overhaul China’s financial markets and open the country to foreign banks, investment firms and insurance companies.

Chinese officials offered virtually no public reaction on the U.S. agenda. In a brief news conference at the end of a meeting of finance ministers from 20 nations, Finance Minister Jin Renqing took a handful of innocuous questions from Chinese reporters and then called an end to the proceedings.

In a communiqu√© in which all the countries laid out their goals, China declared that “the socialist market economy has primarily taken shape.” It made no reference to a flexible exchange rate and declared that state-owned companies were a “mainstay” of the economy.

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