People’s Bank of China Governor Yi Gang (Photo: AFP/VNA)

Governor Yi detailed measures and disclosed a timetable for further opening up China’s financial sector. He said China will encourage foreign investors to participate in the financial leasing, auto finance, money brokerage, and consumer finance sectors this year.

Mr. Yi said no foreign ownership limits will be set for new financial asset investment and wealth management companies sponsored by commercial banks. China will substantially expand the business scope of foreign banks and impose no restrictions on the business scope of joint-venture securities companies, the bank governor said. He added that all measures will take effect before the end of this year, and said China aims for the Shanghai-London trade link this year.