CHINA will remove business restrictions on foreign banks, brokerages and fund management firms, a Cabinet meeting chaired by Premier Li Keqiang said Wednesday.

China has stepped up efforts to open its financial sector amid a festering trade spat with the United States, with increased access to its financial sector.

Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as China and the United States reached a tentative deal to resolve their trade dispute.

The State Council, or Cabinet, did not elaborate on what effect the removal of the curbs would have. On Tuesday, the State Council relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope.

China will also support local governments’ efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the State Council said.

China will not allow forced technology transfers by foreign firms, it said.

In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia and Citigroup became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as the country gradually opened up the sector. (SD-Agencies)