China eases rules: Foreign firms can own stakes in security ventures

China's announcement of the changes in 2017 coincided with a visit by US President Donald Trump to the country

China’s securities regulator issued guidelines on the country’s previously announced move to allow foreign firms to own a majority stake in local securities joint ventures.

The China Securities Regulatory Commission (CSRC) published the rules on its website on Saturday. The watchdog had been seeking public comment on the plan since March.
 

China surprised the financial industry in November when it announced that it would raise the foreign ownership cap to 51 percent on the ventures, which provide underwriting and trading services. The move is a key part of President Xi Jinping’s pledge to open China’s $40 trillion financial sector.

Wall Street firms