Envoy calls for fair treatment for Chinese financial institutions in US

Chinese Ambassador to the United States Xie Feng on Wednesday urged Washington to provide an open, fair and non-discriminatory environment for Chinese financial institutions operating in the country.

Xie said that since the start of China's 14th Five-Year Plan period (2021-2025), financial cooperation between the two countries has yielded fruitful outcomes, which many US businesses have witnessed, supported, contributed to and benefited from.

In a video speech at the New York Satellite Forum of the 2025 Financial Street Forum, the envoy noted that US financial enterprises "have achieved many firsts in China."

He cited J.P. Morgan Securities' establishment as the first wholly foreign-owned securities company in China, American Express's approval to offer bank card clearing services, and BlackRock's founding of the first wholly foreign-owned public equity mutual fund company.

"All these are testament to China's efforts to open up its financial sector wider to American businesses," he said. "Likewise, we hope the US side will also create an open, fair and non-discriminatory environment for Chinese financial institutions operating in the US."

He emphasized the importance of a stable, sound and sustainable bilateral relationship between China and the US for cooperation in finance and other areas.

"Dialogue is better than confrontation, cooperation is better than decoupling, and stability is better than volatility," he said. "In this chaotic world, we have a thousand reasons to get the China-US relationship right, and no single one to mess it up."

Xie expressed the hope that the US financial sector would remain "staunch advocates for the China-US relationship," and "inject more certainty and positive energy into its development" and to help both countries "find a right way to get along with each other in the new era."