China announces timetable to lift foreign ownership limits on financial firms

BEIJING -- China has set a clear timetable for allowing full foreign ownership of financial service companies, the country's securities regulator announced Friday.

Foreign ownership limits on fund management firms will be lifted starting Apr 1 next year, the China Securities Regulatory Commission said in an online statement.

Shareholding caps on foreign investors currently faced by brokerages will be scrapped from Dec 1 next year, the statement said.

The restrictions on foreign ownership of futures companies will be lifted from Jan 1 next year, the CSRC said in a separate statement, adding that overseas entities can start to file applications.

In July, the country announced a move to end foreign ownership limits on brokerages, fund management firms as well as futures companies in 2020, a year earlier than originally planned as the country speeds up its financial opening-up.