SHANGHAI (Reuters) – China will remove the foreign ownership caps for life insurers, securities firms and funding houses by next year, a year earlier than scheduled, the top financial watchdog said on Saturday.

According to a statement from the State Council Financial Stability and Development Commission published by the central bank, China will also encourage foreign companies to set up or take stakes in money brokerage firms and allow foreign investors to hold more than 25% stakes in insurance asset management companies.