Although this move appears to show China opening its economy up to foreign funds, business expertise and technology, it is to be seen whether these promises will bear fruit or be like the IPO of Chinese companies in the U.S. – high on noise value, low return on listing.
On Friday, a vice Finance Minister from China disclosed that changes to foreign ownership rules on its financial firms are effective immediately.
Chinese government agencies will now draft and announce details of rules on foreign ownership, said Zhu Guangyao, China’s Vice Minister of Finance at a news conference.
He went on to add, China will lift the 51% bar on foreign ownership for life insurance firms after 3 years.
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