China to lift foreign ownership cap on insurance asset management companies, says CBIRC

China plans to abolish the requirement that domestic insurance companies have to own at least 75 percent stake in insurance asset management joint ventures, the country's top insurance regulator said on Saturday.

The China Banking and Insurance Regulatory Commission is working to revise related regulations to lift the restriction, encouraging foreign capital to invest in insurance asset management companies, CBIRC Vice-Chairman Cao Yu said at a forum in Shanghai on Saturday.