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Home / Business / China pledges to allow more foreign investment in financial sector by year-end

China pledges to allow more foreign investment in financial sector by year-end



BOAO, China (Reuters) – China looks set to be clear on Wednesday for opening its financial sector to more foreign investment by the end of 2018, Beijing looks unfairly limits competition.

FILE PHOTO – China's Central Bank Governor Yi Gang speaks at the China Development Forum (CDF) 2018 at the Diaoyutai State Guesthouse in Beijing, China March 25, 201
8. REUTERS / Jason Lee

People's Bank of China (PBOC) Governor Yi Gang said China wants to allow foreign companies to compete with each other in the sector.

Even though the previous details have been put forward, it has been put forward for a number of measures by the end of this year, with some steps to be taken in place as early as June ,

They are providing foreign firms to invest in trust companies, finance leasing, auto finance and consumer finance, last year. The PBOC thus confirmed it wants to set up a planned trading link between its stock markets and London by end-2018.

China's official pledges, made.

China's official pledges, made at the annual Boao Forum for Asia in southern Hainan province, China is coming to a close.

China seeks to raise foreign ownership limits to 51 percent in securities, fund management, futures and life insurance companies "over the next few months," the PBOC said in a statement on its website.

The gradual removal of those ownership limits was first announced in November, when an official said the move would take effect.

President Xi Jinping said on Tuesday that he would like to see the United States of America and the United States as well as the United States negotiations after both sides threatened tit-for-tat tariffs.

"Moody's said in."

"Moody's said in a note on Wednesday.

INSURANCE SECTOR MEASURES

The government also says it will not set the limits for investment by the end of 2018, the PBOC said.

However, despite the fact that China's financial services sector is currently under construction, it has a long-term growth in the past year commanding presence in those businesses.

China said on Wednesday that it would be accelerating in November to lift the foreign ownership of life insurance companies.

China wants to raise the ownership limit to 51 percent within a few months, and fully scrap the restriction in three years. In November, China said it would lift the limit to 51 percent goal in three years and fully remove them after five years.

The government also wants to remove a requirement that foreign

insurers must have a representative office in China for two years before they can set up a company, further easing foreign access to the insurance sector.

On trade, Yi said China and the United States should deal with their issues in a rational way and that the China-U.S. goods and services trade should balance out in future.

Reporting by Kevin Yao; additional reporting by Shu Zhang; Writing by John Ruwitch and Elias Glenn; Editing by Sam Holmes and Kim Coghill


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