China Unveils Plans to Further Open Up Banking and Insurance Sectors
- Regulator to remove single shareholding caps for local lenders
- Easing also offers foreign insurers greater access to China
Pedestrians stand along the Bund in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China took another step in opening its $44 trillion financial sector to the world, announcing plans to remove limits on ownership in local banks and scrap size requirements for foreign firms that operate onshore.
Among the changes, overseas insurance groups will be allowed to set up units in the world’s second-biggest economy, the China Banking and Insurance Regulator said on Wednesday as high-level trade talks between China and the U.S. got underway in Beijing.