YI GANG GOVERNOR, PEOPLE'S BANK OF CHINA "Measures for the opening up of the financial sector shall be implemented in the next couple of months. First, we will abolish the shareholding limits of foreign-funded banks and financial asset management firms, giving them the same treatment as domestic banks. Foreign banks will be allowed to set up branches and subsidiaries at the same time. Second, the shareholding cap will be lifted to 51 percent for foreign firms of securities, funds, futures, and life insurance. And the cap will be completely removed in three years. Third, we no longer require that foreign securities firms must have at least one Chinese securities company as a shareholder. Fourth, to further improve the stock connection mechanism between the mainland and Hong Kong, we will quadruple the daily quota for stock trading under the mechanism. Fifth, qualified foreign investors will be allowed to engage in insurance agent and assessment businesses in China. Sixth, we will allow foreign insurance brokerages to expand their business scope to the same level as Chinese firms."