China promises to lift controls on foreign investments in finance, auto firms

China widens foreign access to its giant financial sector

China widens foreign access to its giant financial sector

The following content is sourced from external partners.

China's financial services sector will be nearly entirely open to foreign players in the next five years, according to China's deputy finance minister Zhu Guangyao.

The announcements were made by Vice Finance Minister Zhu Guangyao in Beijing, who said authorities are in the process of drafting detailed rules which will be released shortly.

On Thursday, amid a slew of Sino-U.S. dealmaking during President Donald Trump's visit to China, the Foreign Ministry said entry barriers to sectors such as banking, insurance, securities and funds will be "substantially" eased.

The moves would be encouraging to foreign banks, asset managers and insurers, who have always been kept on the margins in China, the world's second-largest economy, by various barriers.

China has agreed to lift controls on stock ownership for foreign investors allowing them to hold majority stakes in financial and automobile business to meet a long-held demand from foreign investors and lobby groups.

No specific timetable was given for lifting the equity ownership limit to 51 percent from the current 49 percent.

China has announced plans to relax foreign ownership restrictions on Chinese banks.

UBS China Strategy Board Eugene Qian said,"The Chinese government's decision to allow foreign companies to take up to 51 per cent in securities joint venture represents an important step in further opening up China's financial sector".

Recommended News

  • European Union  says progress in next 2 weeks is key

    European Union says progress in next 2 weeks is key

    Pro-EU lawmakers say they will try to amend it to give Parliament a veto on any deal with the bloc. Kerr said the British government has misled voters into believing the process is unstoppable.
    Mueller Reportedly Investigating Michael Flynn Plot to Kidnap Cleric For $15 Million

    Mueller Reportedly Investigating Michael Flynn Plot to Kidnap Cleric For $15 Million

    President Recep Tayyip Erdogan, who has pressed the U.S.to extradite him, views the cleric as a political enemy. Erdogan has accused Gulen of orchestrating an attempted coup against his government in 2016.
    United Kingdom  industrial production was surprisingly strong in September

    United Kingdom industrial production was surprisingly strong in September

    Construction fell for a second straight quarter, with the 0.9 per cent decline exceeding the 0.7 per cent initially estimated. Industrial production rose 0.7 per cent in September, ahead of expectations of a 0.3 per cent rise.
  • Apple has an AR headset in the pipeline

    Apple has an AR headset in the pipeline

    The company is designing the SoC itself and the new operating system is internally dubbed rOS for "reality operating system". Apple engineers are also developing the prototypes of a range of apps for the AR-powered smart headsets.
    Lockheed Martin developing laser weapon for United States  fighter jets

    Lockheed Martin developing laser weapon for United States fighter jets

    That stands for "Laser Advancements for Next-Generation Compact Environment". The military is hoping to test a system on a tactical fighter jet by 2021.
    Menendez Juror Speaks in Defense of Senator After Being Excused

    Menendez Juror Speaks in Defense of Senator After Being Excused

    She continued: "When they said that it was going to be conspiracy, that they planned this, that's to me, I don't see that". Arroyo-Maultsby's dismissal and interviews Thursday provide the first insight into the mood inside the jury room.
  • Adidas unveil 2018 World Cup ball

    Adidas unveil 2018 World Cup ball

    Krasava by Adidas was the Official Match Ball at the FIFA Confederations Cup hosted by Russian Federation in 2017. Barcelona and Argentina superstar Lionel Messi has given the Telstar18 his personal seal of approval.
    'Stranger Things' fans crash museum website over a hoodie

    'Stranger Things' fans crash museum website over a hoodie

    All the proof you need: a science museum's website crashed Tuesday as thousands trying to buy a hoodie featured in Season 2. If you'd like to own Dustin's Brontosaurus sweatshirt for yourself, you can find out more information here.
    John Lewis Christmas Advert: Monster magic casts it spell

    John Lewis Christmas Advert: Monster magic casts it spell

    "Moz and Joe's story is magical and heartwarming and I'm sure it will be loved by all of our customers, young and old". Well here's a fun fact for you, it's actually two boys - twin brothers playing Joe, the little lad afraid of the dark.
  • Ford EcoSport facelift launched at Rs 7.31 lakh

    Ford EcoSport facelift launched at Rs 7.31 lakh

    The starting price surprisingly hasn't changed and the lower variants too have kept the prices of the previous models. Talking about its specifications, it will be powered by 1.5 litre petrol and 1.0 litre EcoBoost petrol engine.

    Xiaomi Mi MIX 2s Model Accused of Copying Apple iPhone X Designs

    So, take this new Mi Mix 2s leak with a grain of salt and there's no confirmation from Xiaomi as of now on the Mi Mix 2s. Here are a year later, and bezel-less phones are a bit more common now, with the iPhone X gaining the most attention.
    Brian Boyle scores first goal in return, but Devils fall in OT

    Brian Boyle scores first goal in return, but Devils fall in OT

    You can see Boyle rejoicing in the replay, and in an interview after the period ended, he said that he cried when he scored. Anton Slepyshev, back in the Oilers lineup after missing two games with an injury, tied it 6:50 into the second period.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.