China announces timetable to scrap limits on foreign ownership of financial firms

Source: Xinhua| 2019-10-11 19:24:18|Editor: huaxia
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BEIJING, Oct. 11 (Xinhua) -- China has set a clear timetable for allowing full foreign ownership of financial service companies, the country's securities regulator announced Friday.

Foreign ownership limits on fund management firms will be lifted starting April 1 next year, the China Securities Regulatory Commission said in an online statement.

Shareholding caps on foreign investors currently faced by brokerages will be scrapped from December 1 next year, the statement said.

In July, the country announced a move to end foreign ownership limits on brokerages, fund management firms as well as futures companies in 2020, a year earlier than originally planned as the country speeds up its financial opening-up.