China approves two foreign securities JVs

BEIJING, March 29 (Xinhua) -- CHINA's top Securities regulator said Friday that it had approved J.P. Morgan and Nomura to set up respective Securities Joint ventures in the country.

Last year, the two companies both applied to set up Securities Joint ventures, in which each will hold a 51-percent stake.

The move was part of the country's efforts to expand opening-up of its Securities sector, said the CHINA Securities Regulatory Commission (CSRC).

"CSRC will actively promote opening-up of the Securities market, firmly implement each opening-up policy, and continue to well manage the review work of setting up Securities JVs or changing their actual controllers according to laws and regulations and in an efficient way," the commission said.