China to reduce restrictions on foreign assets in banks and management companies

Beijing. June 11. Silkroadnews - China plans to abolish the rules limiting foreign assets in domestic banks and financial asset management companies, Renmin Ribao reported.
Up to now, restrictions have been 20% for a single foreign institution and 25% for group investors.
The China Banking and Insurance Regulatory Commission will also cancel a 15-year investment management rules that contain special articles on foreign investment.
“We will discontinue special rules for foreign investment in Chinese financial institutions, and both Chinese and foreign investment will follow the same rules on market access and administrative licensing,” the commission said in a statement.
The commission promised to create a “fair, open and transparent system of rules” for investors acquiring stakes in the banking sector.
The commission will also solicit public opinion on the new policy from Friday until July 8.
As 2018 marks the 40th anniversary of reforms and discoveries in China, the country has been steadily promoting the opening of its financial sector, introducing measures to reduce restrictions on foreign investment and increase investment in equity and bond markets.