China’s main financial watchdog denounces accusation of ‘state monopoly’

China's main financial watchdog denounces accusation of 'state monopoly'

Guo Shuqing

Photographer: Qilai Shen / Bloomberg

Photographer: Qilai Shen / Bloomberg

China’s top financial regulator has dismissed claims the nation is distorting its economy through “state monopoly capitalism” as pressure grows on China to align itself more with global trade rules.

Guo Shuqing, chairman of China’s Banking and Insurance Regulatory Commission, said the accusations are a big “misunderstanding” of how its economy works.

Private companies contribute around 60% to the economy, but bear only half of the tax burden of state-owned companies, Guo said at the Asian Financial Forum on Monday. It is impossible for Chinese banks to subsidize state-backed companies in the middle …

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