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Beijing to remove foreign ownership limits on banks

Overseas firms will be allowed to take majority stakes in Chinese securities ventures, fund managers, insurers

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The lending business, which is dominated by government-run behemoths such as ICBC, is expected to attract less interest because it is a "saturated" industry.

Beijing

CHINA took a major step towards the long-awaited opening of its financial system, saying that it will remove foreign ownership limits on banks while allowing overseas firms to take majority stakes in local securities ventures, fund managers and insurers.

The new rules,

sentifi.com

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