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China may raise cap on foreign investment
(AP)
Updated: 2005-09-14 17:10 The Asian Wall Street Journal, in a report Wednesday, cited Han Mingzhi,
director general of the CBRC's international department, as saying in an
interview that specific details of the change in policy would be announced by
the end of 2006.
Such changes would require approval of higher-level leaders, it noted.
China is due to fully open its banking industry to foreign competition under
commitments made as a part of its entry into the World Trade Organization by
late 2006.
Last month, Goldman Sachs, American Express Co. and Allianz AG of Germany
signed a deal to buy a 10 percent stake in China's biggest bank, Industrial
& Commercial Bank of China, for more than $3 billion.
Two foreign banks recently have bought stakes in Bank of China, China's
second-biggest lender. Temasek Holdings Ptd Ltd., the investment arm of the
Singaporean government, and Royal Bank of Scotland each paid about $3.1 billion
for 10 percent stakes in the bank.
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