The U.S. Securities Industry and Financial Markets Association (SIFMA) is welcoming news that China is pledging to ease controls on foreign ownership of financial firms.

China’s State Council has announced plans to increase the limit on foreign control of firms in the financial sector to 51%, and to fully phase out the restriction over the next few years.

“Removing the equity caps is an important step forward in deepening China’s capital markets, providing a level playing field between domestic and foreign financial services firms, and rebalancing the Chinese economy,” says Kenneth Bentsen, Jr., president and CEO of SIFMA, in a statement issued on Friday.

“SIFMA welcomes this development and we appreciate the constructive dialogue between Presidents Trump and Xi that paved the path for this move. We look forward to the realization of these commitments,” Bentsen adds.

According to Chinese state news agency, Xinhua, Zheng Zeguang, China’s vice foreign minister, made the commitment in a media briefing following talks between the American and Chinese presidents on Nov 9.

“In accordance with its timetable and roadmap for further opening up, the Chinese side will significantly ease market access to the financial sector, including the banking, securities and fund, and insurance industries,” it quoted Zheng as saying.