Chinese premier Li Keqiang told the World Economic Forum in China that the country will remove foreign limits on the ownership of financial firms by 2020 – a year earlier than expected.
“We now live in a world of profound interdependence,” he said.
“Countries rely on each other’s markets. No country can single-handedly provide all resources, or offer all needed goods to consumers.
“Nor can any country sustain its development in isolation from the global system.”
China will lift ownership caps for securities, futures and life insurance, Keqiang confirmed.
“This is China showing to the rest of the world that we are determined to carry forward our opening up. The world economy stands to benefit from a more open China,” he added.
The country started preparing for greater foreign ownership of companies at the end of 2018, after Prudential (UK) and Sun Life Financial (Canada) started showing interest in buying majority stakes in Chinese insurers.
