China will remove foreign ownership ceilings on life insurers the next year

SHANGHAI, July 20 (Reuters) – China will remove foreign ownership caps for life insurers, brokerage firms and finance companies from here next year, a year earlier than expected, announced Saturday the main financial observer.

According to a statement issued by the Central Bank's Financial Stability and State Board Development Board, China will also encourage foreign companies to create or take equity stakes in money-market companies and allow investors foreigners to hold more than 25% of the capital of the insurance company badet management. (Report by David Stanway and Leng Cheng, edited by Nick Macfie)