Foreign firms in line to benefit from CSRC reform plan

China’s securities regulator has announced a reform framework for the nation’s asset management industry that among other things stands to benefit foreign managers. It covers 11 areas and addresses issues including mutual recognition of investment products, limits on foreign ownership of Chinese firms and long-term savings. Importantly, the regulator indicated it supported the extension of mutual recognition to offshore markets other than Hong Kong. It is the first time the Chin…