China further opens banking and insurance sectors to foreign companies

Tanner Brown
China further opens banking and insurance sectors to foreign companies

China on Tuesday loosened demands on foreign banks and insurance firms in an effort to bring in overseas capital and stimulate its financial sector. The move was announced by the State Council — China’s cabinet — headed by Premier Li Keqiang. Under the new rules, foreign insurance companies are no longer required to have been active in the industry for 30 years, or have had a representative office in the country for two years, as had previously been mandated.