China to Roll Out Red Carpet for Foreign Financial Firms

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.