China Removes Foreign Ownership Limits on Banks, Fund Firms

China’s steps look poised to end years of frustration for foreign banks

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.

World Cup victor Hope Solo accuses Sepp Blatter of sexual assault
The Guardian contacted the player to expand on what had happened and she told them: "I was in shock and completely thrown off". Blatter denied the incident took place and responded, via a spokesman, to say: "This allegation is ridiculous ".

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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