Backing up a commitment made last year Chinese officials have reiterated their desire to open up their financial services sector.
A key economic adviser to Chinese President Xi Jinping told the World Economic Forum in Davos the country would expedite measures to further open banking, securities and the insurance sectors by removing or reducing restrictions on foreign investment.
However the speech in Switzerland from Liu He, a member of the Politburo, gave no timetable and no further details have been forthcoming since finews.asia reported the original announcement in November last year.
Big Bang?
As a first step China intends to raise the cap on direct or indirect foreign ownership of securities companies, fund management companies and futures companies to 51 percent from the current 49 percent and intends to abolish the limit entirely three years after the rules come into force.
Swiss banks Credit Suisse and UBS have both said they would like to increase their shareholding in their Chinese joint ventures. Credit Suisse owns 33.3 percent of Credit Suisse Founder Securities (CSFS), the Beijing-based joint venture established by Founder Securities and Credit Suisse in 2008.
Here to Stay
UBS Chairman Axel Weber has regularly talked of UBS' aim to build a long-term business in China and praised the efforts of vast country's leaders to open the country up, citing its controlled and steady process of financial liberalization.
Swiss insurance giant Zurich is also making noises about the massive Chinese life insurance market and is in talks to find a joint venture partner in the hugely populated and under-insured nation.
