China further opens banking, insurance sectors

On April 27, China rolled out a set of measures to open its financial sector wider to the world, including expanding the business scope of foreign-funded banks.

The new rules allow foreign-funded banks to conduct business such as the underwriting of government bonds, and will lift foreign ownership limits on banks and financial asset management firms, the China Banking and Insurance Regulatory Commission said in an online statement.

Foreign-funded insurance brokers will have the same business scope as their Chinese counterparts, according to the statement.