Beijing, Nov 10 (EFE). - The Chinese Ministry of Finance today announced measures that will virtually open up its financial sector to foreign investment, and that will allow Companies from other countries in a few years to be majority shareholders of banks, insurers or securities management firms, funds and futures.
The communist regime will abolish the current maximum limit of 20% in the purchase of shares of banks or fund managers of this country for individual shareholders of other countries (and also the maximum quota of 25% for the set of foreign shareholders in one of those financial entities).
In addition, the limit of foreign ownership in managers of securities, funds and futures of China will change from the current 49% 51%, which will allow firms from other countries to have a majority shareholding, and in three years it will rise to 100%, the vice minister of Finance, Zhu Guangyao, announced today. In third place, China will allow 51% of the foreign ownership of its life insurers within three years, and in five years it will raise that possible percentage to 100%. %, said Zhu, who stressed that these openings are "decisive and will have enormous consequences."
According to the deputy minister, this opening of the financial sector, long awaited by economies like the US or the European Union, was presented by the Chinese government to US President Donald Trump in his talks with leaders of this country on Thursday in Beijing.
They are also measures according to what was promised by Chinese President Xi Jinping in the recent XIX Congress of the Communist Party of China, when the president announced that "the The door of the economic opening will not be closed, but it will open much more. "
Deputy Minister Zhu also announced today a gradual reduction of import tariffs for cars, and stressed that in the visit of Trump, in return, China called for a relaxation of control of exports of American high-tech products to this market Asian.
"They are important commitments of China, as an important member of the World Trade Organization, and show the country's efforts to promote the free trade in the world, "Zhu said at the press conference.