Beijing to remove foreign ownership limits on banks
Overseas firms will be allowed to take majority stakes in Chinese securities ventures, fund managers, insurers
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, unveiled at a government briefing on Friday, will give global financial companies unprecedented access to the world's second largest economy.
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