BEIJING - The asset requirement of $1 billion for overseas financial institutions to invest in Chinese trust companies will be lifted, according to the China Banking and Insurance Regulatory Commission Tuesday.

The top banking and insurance watchdog has revised rules regulating trust companies and solicited public opinions to expand opening-up in the trust sector.

The country will further promote streamlined administration and delegate powers, optimize licensing procedures and simplify application materials for trust companies, said the commission.

China's financial opening has been firm and steady. Foreign ownership caps on securities firms were scrapped recently, which has inspired many foreign companies to seek to set up wholly owned subsidiaries.