Chinese Government has agreed to loosen its grip on the Financial News sector in the country which till now is monopolized by the state-run Xinhua News Agency, which had the sole discretion to both regulate and compete with financial news providers. U.S and EU filed complaints about this with the WTO, which finally resulted in China backing down and agreeing to appoint and independent regulatory body and abolishing the need for foreign financial news providers like Thomson Reuters, Bloomberg and Dow Jones to go through Xinhua. The new system would be in place by June 1, 2009 and might act as a catalyst towards a more financial open marketplace in China. Finally the walls of regulations are beginning to crumble in China, while they get erected elsewhere.

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