China releases rules to open securities sector to foreign investors

Beijing. May 2. Silkroadnews - China has released new management rules on foreign investment in the securities sector as the government takes steady steps to open its financial sector wider, Xinhua reports.
The revised rules released by the China Securities Regulatory Commission (CSRC) allow foreign investors to take a controlling stake in joint-venture securities firms, and promise to gradually expand the business scope of such firms.
Following the release of the new rules, the CSRC said it will upd ate related administrative approvals to help eligible foreign investors apply to se t up companies.
The measures are in line with plans announced by authorities at the Boao Forum for Asia annual conference earlier this month.
As part of the country's broader opening-up push, China will encourage foreign investors to enter its trust, financial leasing, auto finance, money brokerage, and consumer finance sectors, a move that will take effect before the end of this year, China's central bank governor Yi Gang said at the conference.