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The new rules will allow foreign-funded banks to conduct business such as the underwriting of government bonds and will lift foreign ownership limits on banks and financial asset management firms, the China Banking and Insurance Regulatory Commission (CBIRC) said in an online statement.
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Foreign-funded insurance brokers will have the same business scope as their Chinese counterparts, according to the statement.
The measures are in line with plans disclosed by authorities at the Boao Forum for Asia annual conference earlier this month.