Insurer Allianz Gets Green Light for Wholly Owned China Operation

* Move comes just three weeks after President Xi Jinping’s reiterated pledge to broaden market access for foreign players

* Allianz CEO Oliver Bäte didn’t say how setting up the holding company might affect the shareholding structure of its existing joint venture with Citic Trust Co. Ltd.

(Beijing) — German insurer Allianz Group will be allowed to start China’s first wholly foreign-owned insurance holding company in Shanghai next year, suggesting regulators could deliver more quickly than expected on their promise to open up the country’s financial services sector.