Mubasher: China is planning to ease limits on foreign ownership of financial services companies.
The government will eliminate ownership limits in commercial banking, securities, futures, asset management and insurance, according to the Chinese deputy minister of finance Zhu Guangyao, the Financial Times recently reported.
The reforms include raising the limit on foreign ownership to 51% from the current 49%, and will will take effect immediately following the drafting of specific related rules, Reuters cited Zhu’s remarks to a news conference.
China is formulating a timetable and roadmap for financial sector reform and opening up, added the depute minister.
