FX.co ★ China to expand foreign access to its banking and insurance sectors

According to Chinese President Xi Jinping, the Chinese government will provide foreign companies with expanded access to the country’s financial and manufacturing sectors. China intends to improve protection of its intellectual property and provide a more transparent and manageable environment for foreign investment, the Chinese leader stressed.

The government will remove foreign ownership caps on the country’s banking and life insurance sectors. It will also expand foreign access to the securities sector.

In addition, China plans to reduce tariffs on imported cars and not to prevent foreign automakers from owning large stakes in the national auto industry.