Why China Is Ready to Let Wall Street Firms Invade Its Markets - Bloomberg Business

Why China Is Ready to Let Wall Street Firms Invade Its Markets - Bloomberg Business China’s securities regulator figures greater participation by foreign investment banks might help mitigate the boom-bust cycles of its stock market by bringing in more institutional money, according to people familiar with the matter. To that end, Chinese officials are weighing letting them buy majority stakes in local joint ventures and expand into areas such as stock broking and wealth management, the people said in March. Such a move could align the interests of China’s government and foreign banks who have lobbied for years for greater access: The banks would get an opportunity to carve out a http://www.bloomberg.com/news/articles/2015-05-10/why-china-is-ready-to-let-wall-street-firms-invade-its-markets?utm_source=The+Sinocism+China+Newsletter&utm_campaign=aa48f22343-Sinocism05_11_155_11_2015&utm_medium=email&utm_term=0_171f237867-aa48f22343-29615013&mc_cid=aa48f22343&mc_eid=5935182a65larger market share in the world’s second-biggest economy, while China gets support for its push to make securities markets more efficient without jeopardizing the dominance of local firms.