An employee counts yuan banknotes at a bank in Huaibei, Anhui province, June 22, 2010. [Photo/Agencies]

Foreign businesses will be allowed to own as much as 51 percent of shares in a joint venture in securities, funds and futures industries, Vice Finance Minister Zhu Guangyao said at a press conference. The cap will eventually be phased out in three years.

Current foreign ownership restrictions in Chinese banks and financial asset management companies will also be removed, Zhu said while elaborating on consensus reached by state leaders of China and the United States during a meeting Thursday.