``China took a major step toward the long-awaited opening of its financial system, saying it will remove foreign ownership limits on banks while allowing overseas firms to take majority stakes in local securities ventures, fund managers and insurers.''

Here's a summary:

  1. Foreign firms will be allowed to own stakes of up to 51 percent in securities ventures; China will scrap foreign ownership limits for securities companies three years after the new rules are effective
  2. The country will lift the foreign ownership cap to 51 percent for life insurance companies after three years and remove the limit after five years
  3. Limits on ownership of fund management companies will be raised to 51 percent, then completely removed in three years
  4. Banks and so-called asset-management companies will have their ownership limits scrapped

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