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China widens foreign access to its giant financial sector

The latest changes include raising the limit on foreign ownership in joint-venture firms involved in the futures, securities and funds markets to 51% from the current 49%


China will raise foreign ownership limits in financial firms in a step 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 move, announced on Friday by vice finance minister Zhu Guangyao, comes a day after US President Donald Trump reiterated calls for better access to Chinese markets in meetings with Chinese President Xi Jinping. Xi is driving broad economic reforms by opening up China's capital markets, internationalising the yuan currency, and ...

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First Published: Wed, November 22 2017. 02:59 IST