Reuters, Beijing :
The Chinese government on Friday said it will raise foreign ownership limits in domestic financial firms, a long-anticipated step that grants greater access to overseas investors into the Asian giant’s financial services market.
The move, announced by vice finance minister Zhu Guangyao, comes a day after US president Donald Trump reiterated calls for better access to Chinese markets in meetings with Chinese president Xi Jinping.
The changes include raising the limit on foreign ownership in joint-venture firms involved in the futures, securities and funds markets to 51 per cent from the current 49 per cent. They will take effect immediately following the drafting of specific related rules, Zhu told a news conference.
The Chinese government on Friday said it will raise foreign ownership limits in domestic financial firms, a long-anticipated step that grants greater access to overseas investors into the Asian giant’s financial services market.
The move, announced by vice finance minister Zhu Guangyao, comes a day after US president Donald Trump reiterated calls for better access to Chinese markets in meetings with Chinese president Xi Jinping.
The changes include raising the limit on foreign ownership in joint-venture firms involved in the futures, securities and funds markets to 51 per cent from the current 49 per cent. They will take effect immediately following the drafting of specific related rules, Zhu told a news conference.
