China committed to further open up its financial sector on Tuesday when the State Council, the country’s cabinet, formally announced revised regulations on foreign-invested banks and insurers.
The new rules, which took effect immediately upon their release, allow foreign banks to either simultaneously set up branches and wholly-owned banks on the Chinese mainland, or simultaneously establish branches and joint-venture banks with local partners.
Meanwhile, revised rules on foreign-funded insurers scrap previous minimum requirements that meant foreign insurers had to have operated related businesses for 30 years and run a representative office on the Chinese mainland for two years before establishing insurance firms in the country.
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Contact Reporter Liu Jiefei (firstname.lastname@example.org)