China Will Scrap Securities Firm Ownership Limits by 2020, Li Says

The change brings removal of caps forward by one year
Move comes amid China’s continuing trade tensions with U.S.

China’s Li talks about globalization, China’s economy, and the government’s plans to further open up its markets.(Source: Bloomberg)

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By Bloomberg News

July 2, 2019 at 3:24 AM UTC

Updated on

July 2, 2019 at 5:13 AM UTC

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China said it will bring forward plans to remove foreign ownership limits on financial companies, as it speeds up efforts to open the $44 trillion industry to overseas competitors.

Full foreign ownership of securities firms, futures businesses and life insurance companies will be allowed by 2020, Premier Li Keqiang said at the World Economic Forum in Dalian on Tuesday. It’s the latest step in the country’s financial-opening policy, a push that was unveiled in late 2017 and which has seen companies including UBS Group AG and JPMorgan Chase & Co. take measures to increase their onshore presence.