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China moves to break unhealthy dependence on banks

Influx of foreign capital seen nurturing securities, insurance industries

Zhu Guangyao, China's vice finance minister, announces the easing of foreign ownership limits in the financial sector Friday in Beijing.

BEIJING -- China hopes that granting foreign companies wider access to the financial sector will invigorate its weak capital markets and bring in solutions for tackling looming challenges like nonperforming loans and providing incomes for the elderly.

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