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China to scrap limits on foreign ownership of financial firms

2019-10-12 09:40

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BEIJING, Oct. 12 (Xinhua) -- China has set a clear timetable for allowing full foreign ownership of financial service companies, the country's securities regulator announced Friday.

   Foreign ownership limits on fund management firms will be lifted starting April 1 next year, the China Securities Regulatory Commission said in an online statement.

   Shareholding caps on foreign investors currently faced by brokerages will be scrapped from December 1 next year, the statement said.

   In July, the country announced a move to end foreign ownership limits on brokerages, fund management firms as well as futures companies in 2020, a year earlier than originally planned as the country speeds up its financial opening-up.
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