The former ambassador to China wants to remind people of the old proverb, 'The mountains are high, the emperor is far away'.
The market sentiment has recently been boosted by the U.S. and China, as a trade deal between the two countries seems imminent. China’s leaders have also set the tone to further open its economy. But a former U.S. ambassador to China warns the real challenges may lie in what happens after a deal.
“I think that China knows that it must open up economically to grow and develop,” Baucus told Yahoo Finance at the C100 Annual Conference on Saturday. “However, there are very strong forces within China that put limits to that. They don't want the reform and they can stop it.” China has made some welcome moves this year, including passing the new Foreign Investment Law in March, aimed at leveling the playing field for non-Chinese companies. It's widely seen as a step forward compared with previous laws passed decades ago, but U.S. business groups say the language is still too vague and contains restrictive clauses for foreign players. It’s expected to go into effect next year.The U.S.
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