China to Lift Limits on Foreign Control of Financial Firms Starting Jan. 1

Caixin Global | Oct 12, 2019 at 3:08 AM
  • China’s securities regulator pushed ahead with its promise to remove foreign ownership limits for domestic finance companies next year, a positive gesture from Beijing as a new round of trade negotiations with the U.S. takes place in Washington.
  • The announcement of a specific timetable on the issue came the same day President Donald Trump was set to meet with Chinese Vice Premier Liu He at the White House after two days of trade talks.
  • In March, Japanese investment bank Nomura Holdings Inc. and JPMorgan became the first two foreign companies to win Chinese regulatory approval to set up majority-owned brokerage joint ventures.