But, he added that it’s time to reassess Beijing’s role in the World Trade Organization, especially given projections that China will one day become the world’s largest economy. Weber added that companies from around the world should be allowed to do business in China more freely.
There are already some signs of China opening up: UBS last year became the first foreign bank to receive a license that allows its wholly-owned asset management unit in China to service domestic institutional and high-net-worth investors.
“When we do business in China, we do it in the form of (joint ventures). We should be able to go in on our own or partnerships in Chinese subsidiaries above 50 percent or even 100 percent,” he explained.
“That’s the way global institutions should be able to do business in China,” he added.