China will move to an open market for financial services, allowing international financial firms to have more access into the country’s economy, Zhu Guangyao, China’s vice finance minister said today.

The country’s new regulatory stance will remove foreign ownership limits on banks. China will also allow international firms to take majority stakes in other companies, such as insurers and fund managers.

China’s financial services industry is one of the fastest growing in the world, and the second-largest economy in the world. Banks praised the move, with both JPMorgan Chase and Morgan Stanley releasing supportive statements.

Read more at Bloomberg and Reuters.