BEIJING — China has set a clear timetable for allowing full foreign ownership of financial service companies, the country's securities regulator announced on Oct 11.

Foreign ownership limits on fund management firms will be lifted starting April 1 next year, the China Securities Regulatory Commission said in an online statement.

Shareholding caps on foreign investors currently faced by brokerages will be scrapped from December 1 next year, the statement said.

In July, the country announced a move to end foreign ownership limits on brokerages, fund management firms as well as futures companies in 2020, a year earlier than originally planned as the country speeds up its financial opening-up.