China Securities Regulatory Commission said Friday that foreign-ownership limits on mainland-based fund management companies serving local retail investors will be eliminated as of April 1.
The announcement on CSRC's website followed a pledge in July by Li Keqiang, premier of China's state council, to move up the lifting of foreign ownership limits on mainland financial services firms to 2020 from the previously announced target of 2021.
Foreign ownership limits on securities companies on the mainland will be abolished starting Dec. 1, 2020, the CSRC said. Limits on futures brokers will be lifted beginning Jan. 1.
The latest opening measures come as U.S. and Chinese negotiators have resumed trade talks in Washington.