China to ease curbs on foreign business in finance, autos

FILE: China flag (Pixabay photo)china

BEIJING — A senior Chinese finance official says China will ease restrictions on foreign ownership stakes in the financial sector and reduce tariffs on automotive imports following criticism from the country’s trading partners.

Vice Finance Minister Zhu Guangyao said at a briefing Friday following a state visit to China by President Donald Trump that China will lift limits on foreign ownership stakes in securities, fund managers and futures companies to 51 per cent and end restrictions after three years.

Zhu said Beijing will also gradually reduce tariffs on automotive imports, though he provided no details.

The moves appeared aimed at addressing foreign complaints about China’s trade surpluses and market barriers.