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China's financial sector is not open enough to foreign participation and key obstacles remain to investment, a top European Union official said Tuesday. "Chinese banks are some of the biggest and most powerful banks in the world," Michel Barnier, European commissioner for internal market and services, told reporters. Barnier spoke at the end of a visit to China for talks with officials, including Finance Minister Lou Jiwei. The 28-nation EU and China announced in late November the launch of negotiations for a landmark investment agreement, even as they clashed bitterly last year over commercial disputes ranging from Chinese solar panels to European wine.
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