BOAO, China -- China will allow majority foreign control of brokerages and insurers in June and full foreign ownership in three years, part of an acceleration of financial sector reforms apparently aimed at easing tensions with the U.S.
Opening up the sector wider to investment from abroad will boost the international competitiveness of China's financial institutions, People's Bank of China Gov. Yi Gang said Wednesday at the Boao Forum here, elaborating on proposals sketched out by President Xi Jinping in a speech Tuesday.
