On March 27th, China granted approval for both Goldman Sachs and Morgan Stanley to take majority (51%) ownership stakes in their Chinese securities company subsidiaries.
This is the latest evidence of China’s commitment to open up its domestic financial markets to foreign players. China’s plans for opening up are not new, but the dates imposed by the phase one US-China Trade agreement and the impetus to stimulate the Chinese domestic economy in the face of pandemic-related recession make the next few months ripe for progress.