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China to Roll Out Red Carpet for Foreign Financial Firms

Skyscrapers in the Lujiazui Financial District overlook the bund in Shanghai on Sept. 4. Photo: Visual China
Skyscrapers in the Lujiazui Financial District overlook the bund in Shanghai on Sept. 4. Photo: Visual China

China plans to grant overseas investors greater access to its financial market, in a bid to invigorate the country’s financial services sector.

Foreign companies will be allowed to own a majority stake — up to 51% — of any joint venture in the securities, funds, and futures industries, up from a current cap of 49%, Vice Finance Minister Zhu Guangyao said at a recent press briefing.

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