Changes to foreign ownership rules on China financial firms effective immediately

BEIJING (Reuters) - Changes to foreign ownership rules on Chinese financial firms are effective immediately, a vice finance minister said on Friday.

Government agencies will draft and announce detailed rules on foreign ownership, Vice Minister of Finance Zhu Guangyao told a news conference.

Zhu also said China will lift the foreign ownership limit on life insurance firms to 51 percent after three years.

(Reporting by Kevin Yao; Editing by Richard Borsuk)

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