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China to Let in Foreign Management Companies
China will allow foreign management companies to set up joint ventures in the country, Vice Chairman of China Securities Regulatory Commission Gao Xiqing said in Beijing Thursday.
He told the China Financial Industry Reforms International Summit 2000 that China will open its capital market wider to foreign investors.
Pending its accession to the World Trade Organization (WTO), China has already begun to gradually open its financial sector.
Gao said China will steadily push forward the process of letting foreign management companies set up joint ventures in the country, no matter whether it becomes a WTO member or not.
This is because reform of China's financial sector needs foreign expertise on management, training and marketing, said Gao.
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