China has announced plans to lift limits on foreign stakes in banks and other financial companies, in what would be a big step towards its long-awaited pledge to open its domestic financial sector to competition.
Zhu Guangyao, vice-minister of finance, said foreign and domestic investors would be treated equally with respect to their ability to own stakes in Chinese commercial banks and asset management companies.
The announcement on Friday comes a day after US President Donald Trump called on his Chinese counterpart Xi Jinping to allow US companies greater market access to China, where foreign lenders have long complained about regulations hampering their growth.
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