Foreign ownership restrictions in China’s life insurance sector will be lifted in three years, according to a top regulatory official at the Boao Forum in Hainan, China.
Foreign ownership limits in joint venture life insurance companies will be raised to 51% starting end of June, said Yi Gang, governor of the Peopleâ€™s Bank of China, the countryâ€™s central bank.
Yi said the move is part of a wider package of policies that are aimed at further opening the countryâ€™s financial sector to foreign investors.
This was a welcome development for many industry players who say the new measures will instil market vitality and spawn new opportunities for development.
Yi, who spoke at a panel at the forum, said most measures will already be in place at end of June, the first time China has given a definite timeline on the opening up of its financial market.
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