JPMorgan said last year it plans to raise its holding to 100% when rules allow.
The measures were unveiled after a high-level meeting on Friday chaired by Vice Premier Liu He, where policy makers discussed targeted steps to counter rising risks and challenges facing the US$44 trillion industry. China will scrap foreign ownership limits of securities firms, fund firms, life insurers and futures firms in 2020 instead of 2021China is removing the entry restriction of 30 years of operating experience for foreign insurance companies
Authorities have so far approved plans by UBS Group AG, Nomura Holdings and JPMorgan Chase & Co to take majority stakes in local securities ventures.China released figures this week showing growth in the world’s second-largest economy slowed to 6.2% in the second quarter, the weakest pace since at least 1992 when the country began collecting the data.
Chinese trade negotiators have yet to meet with their US counterparts since President Donald Trump and President Xi Jinping agreed to a tentative truce late last month in Japan.