China may let Wall Street banks run own units: WSJ

Seattle

CHINA may give Wall Street firms long-sought permission to run their own investment-banking arms on the mainland, The Wall Street Journal reported, citing unidentified people briefed on the talks.

Officials in Beijing are considering the move amid discussions for a new trade and investment framework with the US, the newspaper said. Under existing rules, US firms offer services to companies on the mainland by taking minority stakes in joint ventures with China's domestic brokerages.