Billboards of foreign and domestic financial institutions are seen on a street in Shanghai. [Photo by Yan Daming/For China Daily]

China plans to abolish the requirement that domestic insurance companies have to own at least 75 percent stake in insurance asset management joint ventures, the country's top insurance regulator said on Saturday (September 26).

The China Banking and Insurance Regulatory Commission is working to revise related regulations to lift the restriction, encouraging foreign capital to invest in insurance asset management companies, CBIRC Vice-Chairman Cao Yu said at a forum in Shanghai on Saturday.

Editor: Becky

Source: China Daily