China opens borders to foreign banks and insurance companies

note title= On Tuesday, October 15th, 2019, the Chinese Council of State Affairs announces an upcoming facilitation of the regulations in consistence with the access of foreigners to local banks and insurance companies. These measures will be published in the upcoming days.

For now, foreign insurance companies wishing to settle in China must fulfil certain conditions, including:

  • A minimum of 30 years of experience in the field
  • A prior presence on the Chinese territory, of a minimum duration of two years, in the form of a representative office

Appreciated by international financial institutions, this initiative accelerates the liberalization of the Chinese financial market while it strengthens its vitality.

Read also | Economy of China

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