(ECNS) - The State Council, China's cabinet, has announced measures to accelerate the opening up of the financial industry.
The country plans to lift restrictions on foreign ownership of securities, futures and life insurance companies by 2020, a year earlier than the original plan. The limit on foreign ownership in these entities is currently 51 percent.
Amid efforts to enhance market vitality, the move also cancels restrictions on the business scope of foreign-funded banks, securities companies, fund management companies and other financial institutions across China.
It will also lift restrictions on total assets for foreign investors to set up banks or outlets, as well as restrictions on operating periods and total assets for foreign insurance brokers.
When setting up China-foreign venture banks, it is also no longer necessary for the Chinese side or the major stakeholder to be a financial institute.