China could relax rules over foreign ownership of its steel companies to help consolidate the country's steel industry, Reuters reported, citing the Financial Times. The paper quoted Xie Qihua, chairwoman of Baosteel, China's largest steel maker, as saying that the rule banning foreign companies from taking majority stakes in steel makers was a "good idea", but may not be permanent. "As the Chinese economy develops, this ruling cold be revised or updated," she said. "Different stages of development require different rules." Xie is a powerful voice in the Chinese steel industry because of the size of Baosteel, in which the government holds a 78 percent stake. The FT said it was unlikely she would comment about the possibility of a potential change in ownership rules unless it reflected official thinking Xie also suggested that she could be open to expanding Baosteel's relationship with Luxembourg-based Arcelor Mittal, the world's largest steel firm.