China looking at further liberalisation of financial sector

Removal of restrictions to help attract top-quality foreign talent and companies, says official

China looking at further liberalisation of financial sector

Insurance News

By Gabriel Olano

The top banking and insurance regulator in China is looking at introducing a further round of measures to open up its financial sector, a senior official has said.

Wang Zhaoxing, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said China is studying a move to grant foreign banks and insurers greater access to the Chinese market, Reuters reported.

In recent years, China has been taking huge strides to allow foreign investment in its insurance system, with full foreign ownership coming earlier than expected. In 2018, it allowed Allianz to become the first fully foreign-owned insurer in China. It has also allowed Chubb to take control of its life insurance joint venture.

“The CBIRC is studying a new round of opening measures, including further easing of market access conditions,” said Wang, speaking at the China Development Forum in Beijing.

The official said that by further opening up the Chinese financial market, it will be able to attract top-quality foreign talent and companies to invest.

“China will encourage foreign banks and insurance firms to increase financial products and services in China,” he said, adding that the government may remove the quantitative restrictions for foreign financial companies.

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