CHINA

Central Bank Says Finance Sector to Open: China will open its financial industry to foreign bankers despite failing to secure entry to the General Agreement on Tariffs and Trade, the officials said. Their comments, reported in the official China Daily, came just days after China vowed to renege on all its market-opening commitments if it couldn’t gain admission to GATT before the end of this year. The new, more powerful World Trade Organization will supplant GATT, and China has said it wants to be a founding member of the WTO. China has accused the United States of blocking its GATT ambitions, which were scuttled last week when negotiations broke off in Geneva.