Beijing has sped up the pace of ownership reforms for China’s banking, securities, futures, asset management and insurance sectors, shifting the timeline for implementation from years to just months after President Xi Jinping this week pledged further opening up of China’s economy to foreign investment.
Yi Gang, governor of the People’s Bank of China, said at the Bo’ao Forum for Asia on Wednesday that it would “within a few months” erase limits on foreign companies’ ownership of local banks and asset management companies as well as permit foreign banks to set up local branches within China, “treating foreign and local investment in the same way”.
Among other reforms, Mr Yi also said China would raise limits on foreign ownership for securities, futures and insurance companies to 51 per cent in the coming months, with that cap to be removed entirely after three years.