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China expected to loosen rules on foreign ownership of financial firms
11 November 2017, 01:46 | Terri Saunders
China announces long-awaited steps to open up financial services sector
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The deputy finance minister also aid that China would similarly raise such limits in insurance companies and eliminate curbs after five years.
On November 10, Zhu Guangyao 朱光耀, China's vice finance minister, said "that his country would start allowing foreign investors to own 51 percent of Chinese securities firms, fund managers and futures companies, and would allow them to own 100 percent three years from now". That will happen "in accordance to China's own timetable and road map", the ministry said, following a meeting between Trump and his counterpart Xi Jinping. Global banks are now limited to owning 49 percent of local securities joint ventures, frustrating their attempts to compete effectively with Chinese rivals.
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China, the world's second largest economy, has revealed that it is planning to ease restrictions on foreign ownership of financial firms, amid complaints that such rules hamper the country's financial sector growth.
UBS China Strategy Board Eugene Qian said,"The Chinese government's decision to allow foreign companies to take up to 51 per cent in securities joint venture represents an important step in further opening up China's financial sector. Financial services is an area where the U.S. has been lobbying China for many years".
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