Peter Reynolds, partner and head of Oliver Wyman Greater China

We're excited to see the acceleration of the dates for relaxation of the foreign ownership stake limits for securities firms and insurance businesses in China. While the practical changes will be small－as many firms have started the process, but it will take time－this is a clear further demonstration of China's commitment to opening up more broadly.

All major firms see the opportunity in China, but clearly need a carefully tailored strategy given the strength of the incumbents. No longer is "being in China" enough to guarantee growth… a clear customer value proposition and carefully tailored strategy to tap into the right pools where firms have a competitive advantage is needed.

The growth of the securities market and overall transition away from a lending-dominated funding market in China will clearly also be helped by this news. This is great not only for foreign banks, but also for Chinese corporates seeking diversified sources of funding through the capital markets.