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China's stock market regulator indicated that it may increase the  stake a foreign firm can hold in a mainland brokerage joint venture by the end of the year in a move to further open up the industry, according to a  media report.

Tu Guangshao, vice-chairman of the China Securities Regulatory Commission, told China Securities Journal that the commission was 'actively and orderly pushing the opening up of the securities sector.'

The CSRC would take the next step after considering the overall market development and the process of liberalisation, Mr Tu said.

Currently, a foreign investor can own only up to 20 per cent  in a Chinese securities brokerage.  Foreign partners together can  own 33 per cent at most for  joint venture  firms.

The US Treasury said last week after the second round of the US-China strategic economic dialogue that Beijing would remove a bar on new foreign securities firms and resume licensing securities companies, including joint ventures, in the second half of this year.

The treasury also said Beijing  agreed to allow foreign securities firms to expand their mainland operations  to include brokerage, proprietary trading and fund management.

Wang Yuedong, an analyst  at China Jianyin Investment Securities, said it remained unclear whether the government would completely let local brokerages decide on the partnership with foreign firms.

'For investment banking businesses, international players may not be able to compete with and do as well as local players that are already successful in the market,' Mr Wang said. 'The edge of foreign players is in asset management and areas like derivatives products, in which they have many years of experience.'



Foreigners may get bigger brokerage stakes