Focus on the BIG picture.
0:00
0:00
35,095
Loading...

China is opening up for foreign investors.

China has issued a flurry of approvals for foreign financial companies looking to expand into the country as Beijing seeks to boost investor confidence after abruptly ending years of pandemic restrictions.

The approvals for global banks and asset managers to set up or start operations of fully owned entities have come since China's 20th Party Congress in October, when President Xi Jinping secured an unprecedented third term in office. Such approvals were rare for the majority of 2022 and signal Beijing's desire to woo foreign business.

The majority of the approvals were in the asset management sector, a $4 trillion market in China.

J.P. Morgan Asset Management last Thursday won approval to convert an existing mutual fund joint venture into a fully owned entity. Canadian manager Manulife, which adopted a similar route, gained full control of its China unit in November.

Asset managers Neuberger Berman and Fidelity International also received permission to start raising money from retail investors in November and December. Schroders of the U.K. won preliminary approval to establish a fully owned mutual fund company in China this month.

The approvals are part of Beijing's financial market opening. China scrapped an ownership cap of 51% for foreign shareholders in financial companies in 2020. BlackRock was the first foreign company to operate a wholly owned mutual fund business in China since the restriction was removed.
Close
0:00
0:00
Russia arrested an American reporter for the Wall Street Journal on espionage charges
Austrian Parliament members walk out when Volodymyr Zelensky begins speaking.
Father obliterates council members following viral TikTok of biological male masturbating in women’s bathroom..
Tsai Ing-wen received a "warm welcome" from the Chinese people in the US.
EU's von der Leyen: "We know this is an era where we rely on one single supplier. China. 98% of our rare earth supply."
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
Nashville style execution
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
This is how an electric car saves all the energy that he would have spent if he had lived 50 years longer.
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Social Media censoring users for saying the true
Smart Iranian fashion designer teaching dummy TV anchors lesson about reality
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Nashville Police release bodycam footage showing officers neutralizing trans shooter of Christian school
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AMERICA, 2023
AOC explains why she opposes banning TikTok
UK: Humza Yousaf replaces Nicola Sturgeon as SNP leader and first minister in Scotland
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
The US military trains militias in Africa to overthrow Governments
High School Teacher gets Fired after defending himself from a Student who attacked him…
Gordon Moore, a co-founder of Intel Corporation, died at 94
Bordeaux town hall set on fire in France pro democracy protest
Police violence in Paris