China opens up financial institutions to foreigners
China opens up financial institutions to foreignersGETTY IMAGES China has proved skeptics wrong and outlined plans to let foreigners take majority stakes in its financial companies by the end of the year. Foreign banks and financial services firms will be able to take majority stakes in Chinese banks, asset management firms and funds under long-awaited plans by Beijing to open up the country's financial institutions to offshore investors. There would be no ownership limits on foreign banks which set up new wealth management companies in China by the end of 2018. The current requirement for foreign investors to have at least one Chinese securities company as a domestic shareholder would be removed. Foreign investors would also be allowed to run insurance broking and insurance assessment businesses in China under the changes, he said.