China lifted some restrictions on foreign investment in the financial sector on Saturday, as the world’s second largest economy moves to open up its financial sector, reported the South China Morning Post.
China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020, one year earlier than originally planned, said the Financial Stability and Development Committee in a statement posted by the central bank on Saturday. Foreign investors will also be encouraged to set up wealth management firms, currency brokerages and pension management companies.
Additional measures include scrapping entry barriers for foreign insurance companies, such as a requirement of 30 years of business operations, and cancelling a 25% equity cap on foreign ownership of insurance asset management firms.