China News Agency, Beijing, March 31 (Reporter Wang Enbo) As China's financial industry continues to open up, more and more foreign-funded institutions come to China to do business.
The reporter learned from the China Banking and Insurance Regulatory Commission on the 31st that the number of foreign bancassurance institutions in China has shown steady growth. As of the end of 2020, the total assets totaled more than 5 trillion yuan (RMB, the same below).
In recent years, the China Banking and Insurance Regulatory Commission has accelerated the formation of a new pattern of comprehensive opening up of the banking and insurance industry in a wider range, wider area, and deeper level.
Since 2018, the department has announced three rounds of a total of 34 new measures for opening up to the outside world, involving the cancellation or relaxation of restrictions on the proportion of foreign ownership, relaxation of foreign institutions and business access conditions, expansion of the business scope of foreign institutions, optimization and simplification of regulatory rules for foreign institutions Administrative licensing process, etc.
In 2020, the China Banking and Insurance Regulatory Commission has actively promoted the implementation of opening-up and approved a number of major foreign-funded administrative licensing matters, including: approval of the opening of the first foreign-controlled wealth management company Huihua Wealth Management Co., Ltd.; approval of BlackRock Financial Management Company and Construction Trust Wealth Management Co., Ltd. and Fullerton Management Pte. Ltd. jointly established BlackRock Jianxin Wealth Management Co., Ltd. in Shanghai; approved the Hong Kong International Assurance Company's mainland branch to be transformed into a wholly-owned life insurance subsidiary.
As of the end of 2020, foreign banks have established 41 foreign corporate banks, 116 foreign bank branches and 144 representative offices in China, with a total of 946 business institutions and foreign banks’ total assets of 3.78 trillion yuan.
Overseas insurance institutions have set up 66 foreign insurance institutions, 117 representative offices and 17 professional insurance intermediaries in China. The total assets of foreign insurance companies are 1.71 trillion yuan.
Since 2018, the China Banking and Insurance Regulatory Commission has approved the establishment of 2 foreign corporate banks and 30 foreign branches.
The number of foreign-funded insurance legal entities increased by 10, and the number of foreign-funded insurance provincial branches increased by 74.
The China Banking and Insurance Regulatory Commission revealed that the next step will be to promote the high-level opening up of the banking and insurance industry under the new development pattern, further improve the national treatment plus negative list management system for foreign investment in the banking industry, optimize regulatory rules, and improve the business environment. Support the development of foreign bancassurance institutions in China.
Strengthen the ability of open supervision and prevent financial risks.
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