Wider financial opening-up shows confidence in abilities

AT A NEWS CONFERENCE in Beijing on Friday, China's vice-finance minister said that China will increase the share ceiling for foreign investments in securities, capital, futures and asset management companies from 25 percent to 51 percent, and abolish the upper limit in three years. Beijing Youth Daily comments:

The reform, if it goes ahead smoothly, means foreign capital will be able to directly open and run exclusively-funded security, asset management and futures enterprises in China in three years.

The opening-up of China's financial market started after its entry into the World Trade Organization in 2001. As of 2012, China had opened its main financial sectors, including banking, securities, insurance, futures, lease, fund, trust, asset management, bond, financial investment and financial consumption, to foreign investors.