BEIJING, June 12 (Xinhua) -- China plans to cancel restrictions on foreign ownership of Chinese banks and financial asset management companies and implement the consistent rules on equity investment ratio for domestic and foreign investors in an effort to facilitate the foreign investment, according to a document to be unveiled by the China Banking and Insurance Regulatory Commission, reported by the People's Daily.
Under the document to be released soon to solicit public opinions, both Chinese and foreign investors apply unified market access and administrative licensing measures.
Previously, the proportion of investment by an individual overseas financial institution and its related party as sponsors or strategic investors into the individual Chinese commercial banks, rural commercial banks, or their role as strategic investors into the individual financial asset management company shall be no more than 20 percent, and proportion of investment by multiple overseas financial institutions and their related parties into the above domestic institutions shall be no more than 25 percent in total.
China Banking and Insurance Regulatory Commission noted that the above restrictions will be removed under the upcoming document. (Edited by Hu Pingchao, hupingchao@xinhua.org)
A single purchase
