Nikkei Asian Review reported (July 23) that China has removed foreign ownership limits in almost all areas of its $45 trillion financial sectors, taking the country a step closer to its long-promised "big bang" reforms. Foreign investors can fully own business in everything from insurance to brokerages. Analysts expect the move will help China woo big-name international players its capital markets, but others warn the change will not remove all obstacles and coming at a late stage in China's economic cycle, diminishes its significance. Michelle Lam, the greater China economist at Societe Generale in Hong Kong, said "China has continued to make progress in opening up and encouraging foreign investment. Overall, despite rising geopolitical tensions, attracting foreign investment is still important because the technical knowhow can help China to move up the value chain. Foreign companies are also likely to invest in China given its large domestic market." Huang Qifan, Vice President of the China Center for International Economic Exchanges and former Mayor of Chongqing, said late last year that foreign financial firms could invest as much as 8 trillion yuan ($1.1 trillion) worth of assets onshore in the next few years. 

(Comment: The scrapping of foreign ownership limits is part of the latest round of reforms announced last month by China's National Development and Reform Commission and the Ministry of Commerce.)