Market access thresholds to be lowered or dumped

"Version 2.0" of China's plan to open the financial sector to foreign investors was reinforced during the weekend when a senior regulator said market access thresholds for banks and insurance companies would be lowered or abolished.

Speaking on Saturday, Wang Zhaoxing, vice-chairman of the China Banking and Insurance Regulatory Commission, said some rules, including certain "quantitative" requirements on the scale, years of operation and share proportions of foreign financial institutions will be eased.

The move is aimed at persuading more professional overseas banks and insurance companies to enter the Chinese market.