China paves way for brokers’ expansion

SHANGHAI: China's top stock watchdog said yesterday it will support domestic brokerages that find strategic partners and go public, as the sector returns to profitability more than two years after an overhaul of the troubled industry. 

Beijing has so far only allowed foreign participation in its battered brokerage sector on a piecemeal basis, with each deal structured differently, to the frustration of global financial giants eager to tap China's US$2 trillion of personal savings.