U.S. Presses China for Market Access for Mastercard and Citigroup During Bilateral Talks
During bilateral meetings held in Bangkok, U.S. officials raised concerns about market access issues affecting American financial firms like Mastercard Inc (MA) and Citigroup Inc (C). The discussions took place on the sidelines of G20 finance meetings and were part of ongoing efforts to implement agreements made during Chinese President Xi Jinping's September visit to Washington with former U.S. President Donald Trump. China recently approved Visa Inc (V) to begin preparations for a wholly owned domestic card-clearing business, signaling continued financial sector liberalization since 2018. Mastercard currently operates in China through a joint venture and is seeking independent operation status. Citigroup has been working toward obtaining a securities license to conduct onshore market activities. Analysts suggest that these developments reflect an ongoing trend of Chinese regulatory openness but note the concessions are relatively limited, offering only marginal confidence boosts for investors.
Topics: financial_regulation foreign_policy international_relations