BOAO, China -- Foreign ownership of securities brokerages and life insurance companies in China will be allowed to exceed the current 50% maximum limit from June, with full ownership possible in three years, People's Bank of China Gov. Yi Gang said on Wednesday.

Speaking at the Boao Forum in Hainan Province, the central bank chief said ownership limits, which force foreign businesses to establish joint ventures with Chinese partners, will be first raised to 51% at the end of June for the securities, asset management, life insurance and commodities futures sectors.

Yi also said restrictions on services will be relaxed by the end of this year. Banks, securities companies and insurers, for example, will be allowed to offer, in principle, the same services as their local counterparts.

Yi's comments came on the heels of Chinese President Xi Jinping's speech on Tuesday in which he laid out a policy to open the country's financial market to foreign companies.

Yi said the measures are aimed at strengthening China's financial industry.

In addition, the daily cross-boundary trading quota of the stock connect system, which allows investors to trade shares on the Shanghai and Hong Kong exchanges using brokers on their home exchanges, will be increased from May 1, according to Yi.

The China Securities Regulatory Commission said the quota will be quadrupled, a move aimed at providing foreign investors easier access. U.S. index provider MSCI is expected to add Chinese shares to its emerging market indexes this summer. 

China is also seeking a trading link with the U.K., said CSRC spokesperson Gao Li. The two countries are working towards a Shanghai-London stock tie-up within a year.

Nikkei staff writer Masayuki Yuda contributed to this article.