Q&A: Fidelity Executive Explains How Foreign Investment Services Can Compete for China’s Wealth

China’s fast-growing wealth management market has continued to attract foreign financial institutions. In August, U.S.-based Fidelity International got approval to set up a wholly owned mutual fund business in China, becoming the second global investor after BlackRock Inc. to win such a nod. Fidelity International was also the first foreign institution to obtain a wholly owned private fund management license in China in 2017.