Key facts
- Goldman Sachs President John Waldron urged China to reform its financial markets.
- Waldron called for looser foreign exchange rules and eased cross-border data restrictions.
- He also advocated for improved regulatory transparency in China.
- Waldron expressed confidence in Shanghai's potential as an international financial center.
Goldman Sachs President John Waldron has urged China to implement market reforms to strengthen Shanghai's position as an international financial center. Speaking at an annual meeting of international business leaders, Waldron called for the loosening of foreign exchange rules, easing of cross-border data restrictions, and enhanced regulatory transparency.
Waldron, who is also the investment bank's chief operating officer and is considered a potential successor to current CEO David Solomon, expressed optimism about Shanghai's future potential. The push for reforms comes as China's policymakers aim to elevate Shanghai's status on the global financial stage.