Mubasher: The managing director of the International Monetary Fund (IMF) praised the Chinese government’s plan to reduce restrictions on foreign ownership in the financial sector.
The Chinese deputy minister of finance Zhu Guangyao recently announced that the government will eliminate ownership limits in commercial banking, securities, futures, asset management and insurance, r raising the limit on foreign ownership to 51% from the current 49%.
Christine Lagarde called the move a very positive development, saying that it is an indication of two things, openness and also better strength and confidence in their own system, in her recent interview with Bloomberg in Danang, Vietnam.
