(ECNS) — Yi Gang, governor of China's central bank, announced on Wednesday that the country would introduce five more measures by the end of this year to further open its financial markets.[Special coverage]
He said the measures include encouraging foreign investment in trusts, financial leasing, automobile finance, money brokerage and consumer finance. The ceiling on foreign shareholding in newly launched financial asset investment and wealth management firms will also be cancelled.
The measures also provide for significant expansion of business scope among foreign-owned banks and repeal of business restrictions concerning joint venture securities firms. Foreign insurance companies will no longer need to establish an office two years before their official launch in China.
Yi also said the new measures add to those already implemented for financial reform and opening up in the first half of the year.
The announcement came after President Xi Jinping's latest speech at the Boao Forum for Asia on Tuesday over implementing an opening-up policy, which encouraged policies to be carried out "as early and fast as possible."