China has decided to further loosen rules on foreign players in insurance and banking sectors to foreign investors by revising related regulations.
The State Council has authorised revisions to the regulations on foreign-invested insurance and banking firms, reported Xinhua, citing a government statement.
The new rules take effect immediately.
The revisions include improving the supervision of foreign banks' local branches and lifting previous restrictions on company establishment, shareholder status and business expansion.
Foreign players can establish branches and wholly foreign-owned banks at the same time in the Chinese mainland, as well as setting up branches and Sino-foreign joint ventures simultaneously.
For insurers, the revised regulations said that specific management measures “shall be formulated by the insurance regulatory authority under the State Council in accordance with the principles of these Regulations”.
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