China's banks: unwrapping Xi's 'gift' to investors

State behemoths don't need the cash. Commercial banking is getting crowded and tech giants are barging in. That leaves little, if anything, for foreign investors to get their teeth into.
Wait until you open the gift
Wait until you open the gift

Some grand gesture this is.

China leader Xi Jinping offered a hefty gift package to visiting US President Donald Trump a lively tour of the Forbidden City, a series of trade contracts totalling $253 billion, and not long after Trump left for Vietnam a long-cherished move to offer wider foreign access to the world’s second largest economy.

China’s vice-finance minister Zhu Guangyao on Friday said foreign firms would soon be allowed to own up to 51% of brokerage and fund management ventures, in a move that would ease the long frustration of foreign investment banks over a limited or little control over their Chinese joint-venture business and...

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