16th October 2019

China to further open up its insurance and banking sectors to foreign investors with immediate effect
Trend

China is to further open up its insurance and banking sectors to foreign investors by revising related regulations.
For insurers, the revised regulations said that specific management measures “shall be formulated by the insurance regulatory authority under the State Council in accordance with the principles of these Regulations”.
Revisions to the regulations on foreign-invested insurance and banking firms have been authorised by the State Council, according to a government statement issued and reported on by Xinhua News Agency.
The revisions include improving the supervision of foreign banks' local branches and lifting previous restrictions on company establishment, shareholder status and business expansion.
Foreign players can establish branches and wholly foreign-owned banks at the same time in the Chinese mainland, as well as setting up branches and Sino-foreign joint ventures simultaneously.