The Chinese government on Friday said it will raise foreign ownership limits in domestic financial firms, a long-anticipated step that grants greater access to overseas investors interested in the Asian giant's financial services market.

The move, announced by Zhu Guangyao, the vice finance minister, comes a day after U.S. President Donald Trump repeated calls for better access to Chinese markets in meetings with Chinese President Xi Jinping.

The changes include raising the limit on foreign ownership in joint-venture firms involved in the futures, securities and funds markets to 51 percent from the current 49 percent. They will take effect immediately following the drafting of specific related rules, Zhu told a news conference.