August 23, 2018 / 9:03 AM / a year ago

China banking and insurance regulator issues revisions to foreign ownership regulations

BEIJING (Reuters) - China’s banking and insurance regulator published on Thursday revisions to existing regulations in line with Beijing’s plans to ease restrictions on foreign investment in the country’s financial sector.

China earlier this year announced it would allow 51 percent foreign ownership of brokerages and life insurers, with that cap to be removed by 2021. Ownership curbs were also to be eased in other financial industries including banking.

Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger

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