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China to Roll Out Red Carpet for Foreign Financial Firms

By Peng Qinqin, Wu Hongyuran, Zhang Yu, Yang Qiaoling and Han Wei
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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