BEIJING (Reuters) – China has agreed to consider approvals for foreign financial institutions, including U.S.-backed firms, to operate and open branches in the country as Beijing and Washington seek to ease economic tensions.
The commitment was among agreements announced following talks between Chinese President Xi Jinping and U.S. President Donald Trump in Washington last week.
China’s commerce ministry said foreign financial services institutions, including those backed by U.S. capital, would be examined and approved to conduct business and establish branches.
The statement did not identify companies that could benefit or provide a timetable for approvals.
The move comes as the two countries seek to improve market access while extending a trade truce through Jan. 10.
Beijing and Washington also agreed to hold regular discussions on investment opportunities and barriers, with a focus on improving policy transparency and addressing concerns raised by companies.
Financial services were part of a wider package that included proposed tariff cuts covering $60 billion of bilateral trade, increased U.S. agricultural exports to China and a Chinese commitment to buy 10 million metric tons of U.S. coal annually in 2027 and 2028.
The two sides also agreed to establish a communication channel for artificial intelligence-related incidents and to continue talks on increasing direct flights between China and the United States.
