What is the impact of April 1 on the full opening of US finance?

Recently, people are so scared about the COVID-19 epidemic that many people don't notice that April 1 2020 is a special day for China's financial industry, because from this day on, China's financial market officially opened. Then, at this juncture when the US stock market has plummeted and the US dollar has soared, what impact will it have on the full opening of US finance?

On April 1 2020, China's financial market was fully opened, which means that foreign insurance, futures and brokerage companies can come to China to set up wholly-owned companies from April 1 2020. The full opening of finance is not temporary, but gradual and steady.

The impact of full financial opening on securities: It is convenient for foreign securities firms to enter China to conduct business, which is both an opportunity and a challenge to the China market, because the entry of foreign securities firms will have an impact on domestic securities firms. China's brokers have natural advantages in brokerage business and asset management, and it is difficult for foreign brokers to pry away these customers. However, in investment banking, securities underwriting, mergers and acquisitions, foreign brokers have rich experience, and the gap between local brokers and them is obvious. After the full opening of finance, some small and medium-sized brokers with no characteristics may face merger.

Impact of financial opening on asset management industry: On the first day of China's financial opening, BlackRock and Lubo, two major American asset management giants, submitted applications to the Securities and Futures Commission and were granted the management qualification of public offering fund management companies, which means that the first batch of wholly foreign-owned public offering funds will enter the China market. The entry of foreign giants into the domestic asset management market will make the domestic asset management industry more competitive.

Generally speaking, China's financial opening is both a challenge and an opportunity for the China market. The full opening of finance facilitates foreign-funded enterprises to raise funds in China's domestic market, which can make domestic financial capital stronger. However, the entry of foreign-funded enterprises will make the market competition in China more intense and the financial risks it faces more complicated.