PBoC unveils 11 measures to open up China’s financial sector

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Shanghai is a hub of Chinese finance

The People’s Bank of China (PBoC) has announced 11 measures to further open up the country’s financial sector, as it pledges to ease restrictions on foreign investment in securities firms and bond underwriting.

China will lift shareholding restrictions on foreign ownership of securities, insurance and fund management firms in 2020, the central bank said on July 20. It was originally planned to remove the 51% foreign ownership cap in 2021, president Xi Jinping said in April 2018.

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