Guangzhou city moves to speed up financial openness
Shareholder ratio ceiling to be removed for foreign investors at banks and financial asset management companies
The Guangzhou Municipal Bureau of Financial Work has put forward a series of special policies for the further opening up of the financial industry, The Paper reported.
The city announced it plans to remove the shareholder ratio ceiling for foreign investors at banks and financial asset management companies.
The upper limit at securities companies, fund management companies, futures companies and personal insurance companies will be relaxed to 51%, and likely cancelled after three years.
Meanwhile, it will significantly expand the business scope of foreign-funded banks, permitting them to set up branches and sub-branches in the city.
It will also expand the business scope of foreign-controlled securities companies, fund companies and futures companies, allowing them to engage in brokerage and consulting.