Economics
China Keeps Promises to Wall Street Even as Trade War Drags On
- Foreign ownership limits scrapped for banks, bad-debt managers
- Move is another step in financial opening started in November
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China removed limits on foreign ownership of its banks and bad-debt managers, pushing ahead with a previously announced plan to open its financial system despite rising trade tensions with the U.S.
Overseas financial institutions will now be treated the same as local companies, the China Banking and Insurance Regulatory Commission said in a statement late Thursday, following through on a pledge announced last year. Stakes were previously capped at 20 percent for a single foreign institution and 25 percent for a group.