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China’s decision to continue the financial-opening policy will bring advantages to foreign investors. (Image via: Caixin Global)
China Will Allow Full Foreign Ownership in Financial Companies
On June 2 2019, Premier Li Keqiang announced that the ownership limit for foreign investors in financial sector will come to an end. This decision is a year earlier than the scheduled plan. By the decision, full foreign ownership of securities firms, futures businesses, and life insurance companies will be allowed in 2020. This becomes the latest step in China’s financial-opening policy. In recent months, China has allowed many foreign financial firms to set up new businesses onshore, as well as expanding their presence through majority ownership, insurance, and brokerage businesses.The announcement from Premier Li Keqiang came after the China’s leader and President of the U.S. agreed to resume trade negotiations. Despite of political tension, the financial-opening policy remains on course. Li Keqiang also revealed that China will keep moving forward in their policy. Hubert Tse, partner at Boss & Young law firm in Shanghai, said that the announcement will be a good news for foreign investors and global financial institution to expand their business in Chinese financial market.
The base of China’s decision is they believe that everyone is on the same boat, said Li Keqiang. China wants to promote the spirit of partnership, carry out equal consultations, seek common ground, as well as manage disputes. As the addition, the government will also reduce restrictions on market access for foreign investors in the value-added telecoms services and transport sectors next year. The foreign investors don’t need to be worried because China’s market situation is getting better. The country is likely to hit economic growth target of 6 to 6.5 percent this year because the trade dispute with the United States does not worsen. Therefore, China would not need big steps to maintain its growth.
Source: https://www.bloomberg.com/news/articles/2019-07-02/china-to-scrap-securities-firm-ownership-limits-by-2020-li-says
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