Foreign Companies Still Trying to Break Into China's Investment Funds Market

(Beijing) — For overseas financial companies looking to break into China's vast private investment funds market, Beijing's recent vow to let them compete directly with local private funds still seems a distant promise.

JPMorgan Chase & Co., for one, is not entering the fray anytime soon.

The U.S. banking giant received Beijing's permission early this month to establish a wholly owned asset management subsidiary — the first of its kind on the mainland — in Shanghai's free trade zone.