China will lift foreign ownership limits on financial market JVs: vice finance minister

China will lift the ceiling on foreign equity ownership in joint-venture firms involved in the futures, securities and funds markets to 51 percent, a vice finance minister said on Friday.

BEIJING (Reuters) – China will lift the ceiling on foreign equity ownership in joint-venture firms involved in the futures, securities and funds markets to 51 percent, a vice finance minister said on Friday.

No specific timetable was given for lifting the equity ownership limit to 51 percent from the current 49 percent.

China will remove all equity ownership limits in these sectors after three years, Vice Minister of Finance Zhu Guangyao told a news conference.

Zhu said the time is right for China to step up the liberalization of its financial sector.

Reporting by Kevin Yao and Stella Qiu; Editing by Sam Holmes

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