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China to remove foreign ownership caps on financial services from 2020

China will remove foreign ownership caps on fund management companies April 1, 2020, its securities regulator said Oct. 11.

Foreign ownership limits on futures companies and brokerages will also be abolished Jan. 1, 2020, and Dec. 1, 2020, respectively, the China Securities Regulatory Commission said in separate same-day releases.

The country's State Council said July 20 that it would remove foreign ownership limits of securities, insurance and fund management companies in 2020 to encourage more foreign investments in its financial sector, without naming specific dates.