November 10, 2017
The Chinese government is allowing more foreign investment in its financial markets.
The move would raise the ownership limit to 51 percent, allowing more overseas investors in Chinese financial services.
This comes after President Trump visited China on his diplomatic mission to Asia, and called for better access to Chinese markets.
China’s Vice Finance Minister Zhu Guangyao applauded the U.S. for wanting to take part in the Belt and Road Initiative, which is China’s plan to increase it’s global economic involvement.
“U.S. companies have shown their enthusiasm to invest in the Belt and Road Initiative… Of course, China welcomes them, because the principle is to jointly discuss, to build and to share, and its goal is to realize interconnectivity and develop economic cooperation globally,” said Guangyao.
The long anticipated announcement comes after China faced mounting pressure from many western governments and businesses to remove trade barriers.