China announces timetable for opening finance industries

BEIJING – China has announced a timetable for lifting limits on foreign ownership of some finance businesses, starting with futures traders on Jan. 1, as Beijing tries to make its slowing economy more competitive and efficient.

An official newspaper said Friday ownership limits will be lifted for mutual fund companies on April 1 and for securities firm on Dec. 1.

The announcement comes as U.S. and Chinese negotiators are meeting in Washington for talks aimed at ending a tariff war.

Premier Li Keqiang announced plans in July to lift ownership limits in finance a year ahead of the previously announced target of 2021.

China has promised repeatedly to open its finance industries to foreign investors but the United States and other government complain Beijing is dragging its feet.