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China May Let Wall Street Banks Run Own Mainland Units, WSJ Says

  • U.S. firms have long had to partner with Chinese companies
  • Paper says talks are ongoing, deal would need Senate approval
Photographer: Johannes Eisele/AFP via Getty Images

China may give Wall Street firms long-sought permission to run their own investment-banking arms on the mainland, the Wall Street Journal reported, citing unidentified people briefed on the talks.

Officials in Beijing are considering the move amid discussions for a new trade and investment framework with the U.S., the newspaper said. Under existing rules, U.S. firms offer services to companies on the mainland by taking minority stakes in joint ventures with China’s domestic brokerages.