China plans easing foreign holding, partner choice for securities ventures amid pressure from Western govts

Hong Kong

CHINA plans to allow global banks to take a stake of up to 51 per cent in their onshore securities ventures for the first time and tie up with local non-financial firms, said people familiar with the matter.

The move, if implemented, would form a key part of China's pledge to ease foreign ownership curbs and would allow banks including Credit Suisse, Goldman Sachs, JPMorgan and UBS to bolster their presence in securities business - from underwriting to trading - in the world's second-largest economy.