As opening-up deepens, global giants may enter financial field

China's financial services sector is seeing acceleration of opening-up, which will likely attract big names in the global securities industry, gradually reshaping the local securities landscape, experts said.

During the 2019 World Economic Forum's Annual Meeting of the New Champions in Dalian, also known as the Summer Davos Forum, Premier Li Keqiang said that China will allow full foreign ownership of securities firms, futures business and life insurance companies by 2020.

With that, the limit on foreign ownership in the financial services sector will be lifted one year in advance, compared to the former plan announced in mid-2018.