Foreign Invested Enterprises Will Have Access to Full Financial Operating Licenses after Three Years: MOF
The Ministry of Finance has indicated that foreign-invested enterprises will be given greater latitude to conduct business in China’s financial sector in the near future.
Liu Kun (刘昆), vice-head of MOF, said that on the foundation of lifting equity restrictions in the banking sector, China would further open up its insurance and securities sector in three year’s time, with those enterprises that satisfy requirements permitted to obtain full financial operating licenses.
“These policy measures will bring benefits to state-enterprises and people at all levels…the grand gate of China’s reform and opening will not shut, and can only open wider.”
Liu made the remarks as a high-level forum on the 40th anniversary of Chinese reform and liberalisation.
At the Boao Forum in April of this year China’s senior-most leaders unveiled a raft of measures to further open foreign investment in China’s financial sector.