On August 23, China banking regulatory commission announced the decision to abolish and amend some banking regulations. Foreign investment in Chinese Banks and financial asset management companies will no longer have shareholding ratio restrictions.
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As early as April, the China securities regulatory commission (CSRC) officially issued the measures for the administration of foreign-invested securities companies. The measures specify that foreign capital share ratio restrictions will be abolished in 2021. The circ announced that the foreign share ratio of foreign-funded personal insurance companies will be relaxed to 51% after 3 years. We have liberalized the scope of business of foreign-funded insurance brokers, in line with Chinese institutions, and eliminated the requirement that foreign insurance companies set up representative offices for two years before setting up.
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So far, our country finance expands the supporting policy that opens to the outside world already basically come out. Foreign investment in China’s financial sector will follow the rules. The NpC and CppCC effectively implemented the decisions and arrangements of the CpC central committee and the state council on further expanding the opening-up of the financial sector, introduced quality overseas financial institutions to invest in China’s financial sector in an orderly manner, and enhanced China’s financial sector’s ability to serve the real economy anatomy illustration.
In November 2017, the ministry of finance disclosed to the public the deployment related to the opening-up of the financial industry in the future: the limit on the investment proportion of securities, funds and futures was relaxed to 51%, and was not restricted after 3 years; China’s Banks and capital management companies shall remove the restriction of foreign capital’s single shareholding of no more than 20% and combined shareholding of no more than 25%, and implement the same internal and external rules on the proportion of equity investment in the banking industry; After three years, the proportion of foreign investment in the insurance industry was relaxed to 51%, and after five years, it was not restricted. Now that promise has begun to materialise.