China has further relaxed the requirements for foreign companies investing in its billion-dollar financial sector. Foreign investors are now allowed to invest a total of up to 300 billion dollars (261 billion euros), the Chinese government announced in Beijing on Monday. This is double the previous limit. In 2013 China raised the ceiling from 80 billion to 150 billion dollars. According to the Bloomberg news agency, direct investments by foreign financial companies in Chinese companies in the sector amounted to just over 100 billion dollars.
Last summer, the world's second-largest economy lifted restrictions on the participation of foreign financial groups in domestic banks and asset management firms. Previously, individual foreign banks were allowed to own a maximum of 20 percent of a Chinese institution - the limit for consortia was 25 percent. The opening of the financial sector, which has a total value of 40 trillion dollars, is an important step by the government towards modernizing the country's economy.
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