Foreign ownership timeline announced

The Chinese government said on Thursday that foreign securities, futures and insurance companies will be allowed to have a majority stake in their Chinese joint ventures this year, and by 2021 there will be no foreign shareholding limit for such businesses.

Experts said the move shows Chinese financial institutions are well-prepared for global competition and foreign players can find opportunities in China, benefiting from the nation's large market.

The National Development and Reform Commission and the Ministry of Commerce unveiled a shortened negative list for foreign investment on Thursday, with the number of items down to 48 from 63 in the previous version.