China will lift foreign ownership limits on financial market JVs: vice finance minister
BEIJING (Reuters) - China will lift the ceiling on foreign equity ownership in joint-venture firms involved in the futures, securities and funds markets to 51 percent, a vice finance minister said on Friday.China's Vice Finance Minister Zhu Guangyao, attends a conference during the 2016 IIF G20 Conference at the financial district of Pudong in Shanghai, China, February 25, 2016. REUTERS/Aly Song
No specific timetable was given for lifting the equity ownership limit to 51 percent from the current 49 percent.
China will remove all equity ownership limits in these sectors after three years, Vice Minister of Finance Zhu Guangyao told a news conference.
Zhu said the time is right for China to step up the liberalization of its financial sector.
Reporting by Kevin Yao and Stella Qiu; Editing by Sam Holmes