Fund firms welcome China plan to raise foreign ownership limits

Beijing’s latest pledge to gradually raise the 49% cap on stakes held by foreign financial firms in mainland fund and securities companies has created yet another incentive for overseas players to review their China businesses. The long-awaited plan was announced jointly during last week’s US-China Strategic and Economic Dialogue in Beijing by the US Treasury Department and the mainland authorities. Related rule changes are likely to start within the coming 12 months, said Ivan …