Similarly, investment limitations for securities companies will also be lifted in December next year, according to a statement from the China Securities Regulatory Commission (CSRC).
The CSRC did not mention, however, when foreign fund firms can start applying for a 100%-owned retail mutual fund business in China.
The announcement comes after the securities regulator announced in July this year that it expects to officially end foreign ownership limits by 2020, but was not able to give more details at the time.
In April last year, the CSRC relaxed joint venture ownership limits for foreign asset managers, allowing them to apply for up to 51% ownership in a Chinese fund management firm.
Back then, the regulator said it intended to remove the 51% cap by 2021, allowing foreign firms 100% ownership of domestic asset managers.
“The CSRC will continue to firmly implement the overall deployment of China’s opening up to the outside world [and] actively promote the process of opening up its capital market,” the regulator said.
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