China will lift foreign ownership limits on financial market JVs - vice finmin
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 speaks during an interview with Reuters at the Chinese embassy in London, Britain July 18, 2015. REUTERS/Stefan Wermuth/Files
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 liberalisation of its financial sector.
Reporting by Kevin Yao and Stella Qiu; Editing by Sam Holmes