Just weeks after China's landmark Party Congress, the Chinese government appears to be rapidly opening its markets to showcase the country's commitment to reform. On Nov. 10, Beijing issued a blueprint for the long-awaited opening of its financial industry. According to the new rules, foreign companies will be allowed to own up to 51 percent of any joint venture in the “securities, funds and futures industries” and in three years will also be permitted to own up to 51 percent of joint ventures in life insurance. Following that, the 51 percent cap will then be phased out after three and five years, respectively. In addition, Beijing has reportedly considered waiving the requirement for foreign-owned banks to operate for a minimum number of years before launching business in yuan, as well as removing restrictions on Chinese shareholders wanting to enter into joint-venture security firms....
