China Announces Updated Timeline for Further Opening Its Financial Sector to Foreign Investors
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Key Takeaways:
- On April 11, China announced an updated timetable and more details on proposed changes to further open its financial sector to foreign investors.
- The current 50% and 49% limits on foreign ownership in Chinese life insurance companies and securities investment fund management companies, respectively, will be raised to 51% within a few months, and all foreign ownership restrictions in these sectors will be removed entirely in three years.
- We expect to see further relaxation of the implementing rules relating to foreign investment, together with enhanced supervision of the Chinese financial sector, in the near future.