Beijing may allow foreign financial firms to list in China

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SHANGHAI: China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when “conditions are ripe”, local media quoted a former finance minister as saying on Saturday. Such moves would be in line with the country’s opening up of its financial industry, Lou Jiwei told the Global Asset Management Forum in Beijing, according to the 21st Century Business Herald newspaper. At the same event, Cao Yu, vice chairman of the China Banking and Insurance Regulatory Commission, was quoted by the Shanghai Securities News as saying China would respond to the demands of foreign financial institutions and promote the common development of Chinese as well as foreign-funded banking and insurance entities. Web Desk