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China scraps almost all foreign ownership limits for financial sector

Move opens doors wider for foreign players but further obstacles remain

China is opening up its financial sector to foreign players at a time when domestic banks are lending heavily to support the economy.   © Reuters

HONG KONG -- China has scrapped foreign ownership limits in almost all areas of its $45 trillion financial sector, taking the country a step closer to its long-promised "big bang" reforms, but experts warn that steep obstacles still remain for foreign players hoping to crack the world's No. 2 economy.

As of Thursday, foreign investors can fully own business in everything from insurance to brokerages.

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