BEIJING, Sept. 6 (Xinhua) -- South China's Guangzhou City has recently released a guideline to expand its opening-up in the financial sector, the Shanghai Securities News reported on Thursday.
The city has introduced ten major measures to implement the opening-up. It will ease foreign investment access restrictions, lower the entry threshold for Hong Kong-funded and Macao-funded financial institutions, and improve services for the foreign financial institutions.
According to the guideline, Guangzhou will cancel the restrictions on the foreign shareholding ratio of the banks and financial asset management companies, cap the foreign shareholding ratio of securities companies, fund management companies, futures companies and personal insurance companies at 51 percent, and strive to speed up the cancellation restrictions on foreign shareholding of securities institutions.
Meanwhile, it will jointly develop offshore financial services with Hong Kong and Macao and explore the establishment of an account management system that is compatible with the construction of Guangdong-Hong Kong-Macau Greater Bay Area, said the guideline. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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