From this year, foreign banks can now set up branches in China without a local partner holding the majority stake, the banking regulatory authority, CBIRC, announced yesterday. – EPA pic, January 4, 2020.
CHINA has started lifting major restrictions on foreign investment in its financial sector, a move long demanded by the United States as the world’s two biggest economies are locked in a fierce trade battle. From this year, foreign banks can now set up branches in China without a local partner holding the majority stake, the banking regulatory authority, CBIRC, announced yesterday.
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