China allows foreign private equity funds domestic access

The Wall Street Journal reports China will allow foreign private-equity funds to set up asset-management services in the country and invest in domestic stocks, in its latest move to open its markets and financial sector further to outsiders. The China Securities Regulatory Commission said in a statement Thursday that foreign-owned enterprises and joint-venture private-equity funds can apply for permission to raise money from domestic investors and invest in Chinese capital markets. The funds can’t raise money outside China to invest domestically or repatriate earnings outside of mainland China, the CSRC said. The statement gave no further details on the change.