In the middle of the trade dispute with the US, China wants to push ahead with the opening up of the financial sector. The limits for foreign investments in life insurers and brokers should fall as early as 2020, one year ahead of schedule, as financial supervision announced today.
Among other things, foreign investors should be allowed to hold more than 25 percent of asset management companies in insurance companies. China also wants to continue to open up to foreign companies in the rating area. It wants to „ease sooner rather than later“ restrictions on foreign institutions, said the Financial Stability and Development Commission.
The restriction on market access is one of the US allegations in the trade dispute with China, in which the world’s two largest economies have been heavily penalized. Most recently, both sides had agreed to return to negotiations.
