China's bank, insurance industry to be more open to foreign enterprises

26 November 2018

China will continue to promote the implementation of measures to open up the bank and insurance industries, according to the China Banking and Insurance Regulatory Commission (CBIRC) on Sunday.

Up until now, the commission has already granted capital to 12 foreign-funded financial institutions to set up subsidiaries, including Germany's Allianz Group. Moreover, the subsidiary set up by the Allianz Group will be China's first foreign-funded insurance holding company. The commission also said China will steadily expand the scope of its opening-up on the basis of enhancing its risk-averse level and regulatory capacity.