One of the biggest names in insurance has set up a joint venture with China’s state-backed conglomerate CITIC Group.

Prudential Plc, the British giant, has established a joint venture asset management firm in Beijing, according to reports by Reuters.

The unit has already picked up a business licence from the Banking and Insurance Regulatory Commission and boasts a registered capital of 500 million yuan. Now, its business registration has been finalised – with the Beijing Local Financial Supervision and Administration Bureau confirming that the move was completed on March 31.

The move is seen by many as a welcome sign that China is returning to business as usual despite the coronavirus outbreak. The country has relaxed its approach to foreign financial firms in recent years.