Foreign ownership limits in financial firms are set to be be raised, according to Reuters, which sees the move as “granting access to a tantalizing multi-trillion dollar financial services market, as the world’s second-biggest economy seeks to position itself as a major global finance hub.”
The change in policy was announced by vice finance minister Zhu Guangyao and may be seen as part of a range of initiatives that include opening up capital markets.
The limit on foreign ownership in joint-venture companies in the futures, securities and funds markets rises from 49 per cent to 51 per cent.
