Goldman Sachs has applied to take majority control of a securities joint venture in China in a move that will bring the US investment bank closer to its goal of sole ownership of the company. China has in the past year expedited the opening of its financial sector to foreign companies, following criticism that the process has dragged on for far too long without allowing true market access. In December UBS became the first to receive the green light, with the China Securities Regulatory Commission approving its request to raise its stake in Beijing-based UBS Securities from 24.99 per cent to 51 per cent.
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