China has moved to allow foreigners larger stakes in its financial firms, under major reforms announced in Beijing yesterday.
The move gives foreign firms a chance to take a bigger share of China's financial services market, and takes effect immediately. It includes raising the limit on foreign ownership in joint-venture firms involved in the futures, securities and funds markets to 51 per cent, from 49 per cent now.
The announcement comes as Beijing faces growing pressure from the West to remove investment barriers and onerous regulations that restrict foreign companies.
SEE TOP OF THE NEWS