China Opens Financial Sector to Foreigners

WSJ: China Vows to Ease Curbs on Foreign Investment in Finance
Investment restrictions will be relaxed in banking, securities, fund management, futures and insurance, Ning Jizhe, vice chairman of the National Development and Reform Commission, said during a press conference Friday, without elaborating.

Current rules limit foreign investors in China’s securities industry to 49% stakes in joint ventures set up with local partners.

Earlier this week Premier Li Keqiang vowed steps to attract foreign investment in manufacturing and “create fair competition conditions for foreign and domestic firms.” In manufacturing, restrictions will be eased in transportation equipment, motorbikes, ethanol and edible fats and oils, said the NDRC, the country’s highest economic-planning agency. China will also lower curbs on foreign investment in unconventional oil and gas production, including shale gas.

Foreign capital will be allowed in accounting, architecture design, auditing and rating services, according to NDRC, which also said it will push for the “orderly opening-up” of the telecom, internet, cultural, education and transportation sectors.

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