China announces major steps to open its financial sector

China's announcement to further open up its financial sector comes after President Donald Trump's state visit in which he called for a more level playing field in the huge economy for US firms

China's announcement to further open up its financial sector comes after President Donald Trump's state visit in which he called for a more level playing field in the huge economy for US firms

China will significantly ease market access to the financial sector, reduce tariffs on cars, and try out lifting foreign ownership restrictions in the new energy vehicle (NEV) industry, a senior diplomat said Thursday.

China will relax controls on foreign ownership in Chinese banks, insurance companies, and asset management firms, the official said.

Vice finance minister Zhu Guangyao said on Friday the time was right for world's second biggest economy to step up liberalisation of its financial sector.

The market was also encouraged by the outcome of Trump-Xi summit which saw the signing of about $250 billion in commercial deals.

After reopening following the lunchtime break, the benchmark Shanghai Composite Index is edging higher in afternoon trade.

For the week, CSI300 gained 3 per cent, its best in a year, while SSEC was up 1.8 per cent.