China amends regulations in the financial sector

The State Council amended the Regulations of the People’s Republic of China on the Administration of Foreign-funded Insurance Companies and the Regulations of the People's Republic of China on the Administration of Foreign-funded Banks, in a bid to step up the opening-up in the financial sector. The amended regulations became effective on 15 October 2019. The newly added article 40 states that foreign insurance group companies are allowed to establish foreign-invested insurance companies in China.The newly added article 41 stipulates that overseas financial institutions are allowed to become shareholders of foreign insurance companies. Article 25 has also been revised. Foreign banks are allowed to set up foreign-owned banks and foreign bank branches in China, and they are also entitled to establish joint-venture banks and foreign bank branches.

• Type:

  • Entry and establishment (Ownership and control)

• Industry:

  • Services (Financial and insurance activities)

• Sources:

  • The State Council, Amendments to regulations in finance sector, http://english.www.gov.cn/policies/latestreleases/201910/15/content_WS5da57b97c6d0bcf8c4c1524e.html, 15 Oct 2019