China to lift foreign ownership cap in 2020

China will abolish caps on foreign ownership of securities, futures and life insurance firms in 2020, one year earlier than planned. The world's second-largest economy announced it is accelerating the pace of opening its financial sector to foreign investors as it fights slowing growth at home and a damaging trade war with the US. Foreign investors will also be encouraged to set up wealth management firms, currency brokerages and pension management companies, the Financial Stability and Development Committee said in a statement posted by the central bank. ...