China will lift a one-year moratorium on foreign investment in the securities industry, allowing firms such as Citigroup Inc. to compete in the world's best-performing stock market. "After the completion of a three-year restructuring of the domestic brokerage industry, we will resume reviewing the applications for joint ventures," Shang Fulin, chairman of the China Securities Regulatory Commission, said yesterday. Foreign investment banks will be allowed to buy stakes in fully licensed domestic brokerages, Mr. Shang said. Overseas banks are currently allowed a stake of 33 per cent in local ventures.