July 20, 2019 / 7:41 AM / 5 months ago

China to remove foreign ownership caps on life insurers next year

SHANGHAI, July 20 (Reuters) - China will remove the foreign ownership caps for life insurers, securities firms and funding houses by next year, a year earlier than scheduled, the top financial watchdog said on Saturday.

According to a statement from the State Council Financial Stability and Development Commission published by the central bank, China will also encourage foreign companies to set up or take stakes in money brokerage firms and allow foreign investors to hold more than 25% stakes in insurance asset management companies. (Reporting by David Stanway and Leng Cheng; Editing by Nick Macfie)

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