S&P 500   3,006.72 (+0.69%)
DOW   26,827.64 (+0.21%)
QQQ   193.39 (+0.89%)
AAPL   240.51 (+1.73%)
FB   189.75 (+2.10%)
MSFT   138.39 (+0.71%)
GOOGL   1,244.23 (-0.01%)
AMZN   1,785.67 (+1.60%)
CGC   20.35 (+0.69%)
NVDA   196.11 (+2.95%)
MU   45.25 (+4.09%)
BABA   173.52 (+2.60%)
GE   8.79 (-1.90%)
TSLA   253.46 (-1.36%)
AMD   32.07 (+3.52%)
T   38.23 (-0.62%)
F   9.03 (-2.80%)
ACB   3.69 (+0.27%)
PRI   125.69 (+1.75%)
NFLX   278.05 (+1.00%)
BAC   31.02 (+2.21%)
GILD   65.22 (+0.48%)
DIS   130.26 (-0.48%)
S&P 500   3,006.72 (+0.69%)
DOW   26,827.64 (+0.21%)
QQQ   193.39 (+0.89%)
AAPL   240.51 (+1.73%)
FB   189.75 (+2.10%)
MSFT   138.39 (+0.71%)
GOOGL   1,244.23 (-0.01%)
AMZN   1,785.67 (+1.60%)
CGC   20.35 (+0.69%)
NVDA   196.11 (+2.95%)
MU   45.25 (+4.09%)
BABA   173.52 (+2.60%)
GE   8.79 (-1.90%)
TSLA   253.46 (-1.36%)
AMD   32.07 (+3.52%)
T   38.23 (-0.62%)
F   9.03 (-2.80%)
ACB   3.69 (+0.27%)
PRI   125.69 (+1.75%)
NFLX   278.05 (+1.00%)
BAC   31.02 (+2.21%)
GILD   65.22 (+0.48%)
DIS   130.26 (-0.48%)
Log in

China announces timetable for opening finance industries

Posted on Friday, October 11th, 2019 By The Associated Press

BEIJING (AP) — China announced a timetable Friday for carrying out a promise to allow full foreign ownership of some finance businesses, starting with futures traders on Jan. 1, as Beijing tries to make its slowing economy more competitive and efficient.

Ownership limits will be ended for mutual fund companies on April 1 and for securities firm on Dec. 1, the China Securities Regulatory Commission said on its website. Until now, foreign investors have been limited to owning 51% of such businesses.

The announcement comes as U.S. and Chinese negotiators are meeting in Washington for talks aimed at ending a tariff war.

Premier Li Keqiang announced plans in July to lift ownership limits in finance a year ahead of the previously announced target of 2021.

China has promised repeatedly to open its finance industries to foreign investors, but the United States and other government complain Beijing is dragging its feet or imposing regulations that limit competition.

Regulators earlier announced plans to end caps on foreign ownership of banks, insurance companies and pension fund managers.

The government has announced initiatives over the past 18 months to end caps on foreign ownership of auto manufacturers, insurance companies and other enterprises.

Foreign business groups welcome the changes but say investors need to see regulations that will be imposed on them to know whether such ventures can be profitable.

Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.

Yahoo Gemini Pixel