Major change in overseas ownership rules in China will increase investment and boost competition
China’s financial industry will become more competitive in the wake of the government’s decision to further open up the sector to foreign competition.
Major new rules announced earlier this month by Zhu Guangyao, deputy finance minister, will give global investment banks and insurance companies unprecedented access to the world’s second largest economy. Foreign financial firms will be allowed to own up to 51 percent in mainland fund managers, securities ventures and brokerages from the current 49 percent.
Spread over a three-year period, a “no limit” clause kicks in after that.
China Business News
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