China Removes Foreign Ownership Limits on Banks, Fund Firms

China Removes Foreign Ownership Limits on Banks, Fund Firms

Bloomberg called the move a "historic step" and said that "foreign financial firms applauded" it.

Changes to foreign ownership rules on Chinese financial firms are effective immediately, a vice finance minister said on Friday.

Also, in May, China pledged to allow foreign credit rating agencies to form wholly owned units in the market.

China is to allow foreign companies to hold majority stakes in joint ventures for the first time, while removing entirely caps on shareholdings for banks, asset managers and, within five years, insurance sector firms.

Moscow plans retaliation to "US pressure on Russian media"
RT has become a focus of the USA investigations into alleged Russian interference in the 2016 presidential election. This is not the first time Russian Federation has criticized the USA for taking actions against its media outlets.

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.

Foreign banks will be allowed to hold majority stakes in joint ventures with Chinese securities companies and life insurers.

"I think the reforms were already in Xi's plan-book and would be rolled out irrespective of external pressure [from the USA or elsewhere]", Aidan Yao, senior emerging Asia economist at AXA Investment Managers, told the South China Morning Post.

The People's Bank of China was drafting a package of reforms which would give foreign investors greater access to the financial services industry, people familiar with the matter told Bloomberg in September. "Directionally speaking, it's very clear where China is heading but it's going to be a slow, methodical process rather than a Big Bang approach".

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