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China’s Xi highlights innovation, opening-up
 
Screenshot of Chinese President Xi Jinping delivering a keynote speech at the Asia Pacific Economic Cooperation (APEC) CEO Summit in Lima, capital of Peru on Nov. 19, 2016. Photo: Xinhua 
 
Chinese President Xi Jinping on Saturday underscored the significance of innovation, opening-up and inclusive development for a new round of global prosperity.
 
Xi called on the 21 APEC members to promote innovation as a strong growth driver, open up their economies to create more space for development, pursue inclusive development to enhance their people's sense of fulfillment, and enrich their partnerships and deliver benefits to all involved.
 
"History has taught us that closed-door development will get nowhere, while open development is the only right choice," Xi said during the 25th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Vietnam's central city of Da Nang.
 
"Looking ahead, China will open still wider and its development will deliver even greater benefits to the rest of the world," he added.
 
Xi’s remark came one day after the US President Donald Trump wrapped up his first state-visit to China.
 
On Friday, China announced that it would lift the cap on foreign equity states in securities, fund management and futures companies to 51 percent from the current 49 percent, as part of efforts to further ease limits on foreign ownership of financial services group.
 
The government will relax or eliminate ownership limits in commercial banking, securities, futures, asset management and insurance, vice-minister of finance Zhu Guangyao said in Beijing on Friday.
 
China will also eliminate the 20 per cent ceiling on ownership of a Chinese commercial bank or asset management companies by a single foreign investor and the 25 per cent cap on total foreign ownership of such companies.
 
According to Zhou, the limit on foreign stakes in life insurance joint ventures will be raised to 51 per cent in three years and removed entirely in five years.

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