China's Top Bank Regulator Endorses Reform of Finance Industry
- Country to ease ownership restrictions for foreign banks
- HSBC in June approved to own majority of China securities JV
Cyclists ride past the People's Bank of China headquarters in Beijing, China, on Thursday, Oct. 19, 2017. Chinese President Xi Jinping has quietly dropped a commitment made by his predecessor to double the size of his nation's economy.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s top banking regulator reiterated the country’s commitment to reforming its finance industry, including easing ownership and business restrictions for foreign banks.
The market share of foreign banks in China is falling, which isn’t good for competition, China Banking Regulatory Commission Chairman Guo Shuqing said at the Communist Party’s twice-a-decade congress in Beijing. The country will give overseas banks “more room” in equity ownership and business scope, he said, without providing details.