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China formalized the easing of foreign investment restrictions on a range of industries from banking to agriculture, against the backdrop of an escalating trade dispute with the U.S.

China’s National Development and Reform Commission on Thursday published an updated version of its so-called negative list, which outlines industries where foreign investment is limited or banned. Among the changes, many of which have been previously announced, caps on foreign ownership of banks will be removed, ownership limits on brokerages and insurance companies will be lifted in 2021, and in 2022 for passenger car manufacturing.