China further opens up insurance, banking sectors to foreign investors

Xinhua | Published: October 15, 2019 14:54:17 | Updated: October 18, 2019 15:37:01

A man walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing — Reuters/Files

China has decided to further open up its insurance and banking sectors to foreign investors by revising related regulations.

Revisions to the regulations on foreign-invested insurance and banking firms have been authorised by the State Council, a statement said Tuesday.

The revisions include improving the supervision of foreign banks' local branches and lifting previous restrictions on company establishment, shareholder status and business expansion.

China has stepped up efforts in easing financial market access for foreign investors in recent years.

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