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Russia is interested in China's experience in providing state support to national banks
Russia is interested in China's experience in providing state support to national banks, a Russian banker told the third Russian-Chinese Financial and Banking Forum Monday. "Forms of state support for the banking system, and methods and ways to protect national banks are of great interest," Garegin Tosunyan, the president of the Association of Russian Banks (ARB), told the forum in Moscow. According to Tosunyan, Chinese experience with the World Trade Organization (WTO) is particularly useful. Prior to the lifting of financial barriers, Chinese regulators have been going to great lengths to make foreign investors feel welcome in the country's less developed regions while simultaneously imposing restrictions on stakes in China's major banks. "In our opinion, it is quite reasonable that China wants to develop its financial institutions using protectionist measures," Tosunyan said. Tosunyan supported delegates' proposals on expanding Russian companies share in the Chinese banking sector, and vice versa. "It is practical to discuss establishing bank subsidiaries, representative offices and branches in both countries," he said. A vice president of the People's Bank of China, Wu Xiaoling, said China's international transparency encouraged the development of its financial system. "We have understood from our experience of moving toward reforms and transparency that no country can seriously opt for isolated economic development amid the trends of globalization," the banker said. "Under our commitments as a WTO member country, we will gradually remove all regional restrictions, along with restrictions on foreign exchange transactions for foreign banks," Wu Xiaoling said, adding that there were 133 foreign financial institutions authorized to make transactions in yuan by late June this year. The two-day forum opened in the Russian capital on Monday.
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