Shareholding Limits: Rules and Guo Shuqing

shareholding limits: These measures will also encourage stronger presence of foreign investment in the development of China's financial sector, the CBIRC spokesperson Xiao Yuanqi told Xinhua in an interview, according to Global Times China. Detailed rules in regulations for foreign banks and foreign insurance companies have been revised in accordance with the new rules and will soon be released, Xiao said. A total of 12 new rules will be released soon on the basis of profound research and evaluation, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission CBIRC said Wednesday. The playing field for foreign and domestic companies will be further leveled, said the spokesperson, citing the simultaneous abolishment of upper shareholding limits for a single Chinese-funded bank and a single foreign-funded bank in a Chinese commercial bank, as an example. According to the new measures, asset requirement for foreign banks to set up foreign-funded legal person banks or branches will also be removed in a bid to further diversify the structure of banking institutions in China. At present, the shares of foreign-funded banks and insurance companies' total assets have reached 1.64 percent and 6.36 percent, respectively, in China. (news.financializer.com). As reported in the news.