Chung Eui-sun, executive vice-chairman of Hyundai Motor Co, discussing development of future vehicles at the automaker's research and development centre in Hwaseong, South Korea, last week. Hyundai is preparing to take full ownership of one of its joint ventures in China. Photo: EPA-EFE via Yonhap

U-turn: China is letting Hyundai buy out a joint carmaking venture

  • The rare action comes as Beijing has pledged to provide fairer competition for foreign corporations in the Chinese market
  • South Korean companies have been leaving the country, with Samsung closing its last mobile phone production line in China last month
Topic |   China economy

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Chung Eui-sun, executive vice-chairman of Hyundai Motor Co, discussing development of future vehicles at the automaker's research and development centre in Hwaseong, South Korea, last week. Hyundai is preparing to take full ownership of one of its joint ventures in China. Photo: EPA-EFE via Yonhap
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An investor monitors stock prices at a brokerage in Beijing. China appears to have accelerated its efforts to open up its financial sector amid its trade spat with Washington. Photo: AP

China to scrap foreign ownership limits in securities, futures and fund management firms next year in apparent trade-war concession

  • The securities watchdog said the limits will be abolished for futures firms on January 1, mutual fund managers on April 1, and securities companies on December 1 next year
  • Move will give foreign players a chance to better tap the Chinese market, but domestic firms will still dominate for a few years to come, say analysts
Topic |   Financial regulation

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An investor monitors stock prices at a brokerage in Beijing. China appears to have accelerated its efforts to open up its financial sector amid its trade spat with Washington. Photo: AP
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