China’s financial opening-up boosts global investors’ confidence

19 August, 2019 12:00 AM printer

BEIJING: The greater opening-up of China's financial markets boosts the confidence of global investors, who have become increasingly interested in the markets, said a J.P. Morgan executive in an interview with Xinhua.

"We are confident about our development here," said Houston Huang, China head of global investment banking with J.P. Morgan, reports Xinhua.

The U.S. financial giant is working with China's regulators and relevant parties to push for the establishment of its new majority-controlled securities company in China, according to Huang.

The new firm, the J.P. Morgan Securities (China) Company Ltd., came amid China's efforts to further open up its economy as it allowed 51-percent ownership of foreign firms in their brokerage ventures, up from the previous 49 percent.

The country has also promised to remove the foreign ownership caps on brokerages, futures dealers and life insurers by 2020, a year ahead of the previous plan.

The new company would allow J.P. Morgan to strengthen its onshore platform and further tap into the Chinese market, he said, noting that the new brokerage plans to participate in China's capital market, including the sci-tech innovation board, which is commonly known as STAR Market of Shanghai Stock Exchange.