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Shanghai To Let Foreign PE Firms Set Up Shop

BEIJING (Reuters) – Shanghai will soon allow foreign private equity firms to establish wholly owned subsidiaries or joint ventures in the city, a senior official said on Thursday.

Fang Xinghai, director of the Shanghai Financial Services Office, said that the new rules, which would also apply to foreign venture capital firms, could be published within a month. (Reporting by Aileen Wang and Simon Rabinovitch, Editing by Jacqueline Wong)