China’s State Council scraps limits for foreign financial institution

Foreign financial institutions were allowed to expand their businesses in previously restricted areas. The State Council issued a new negative list on Friday scrapping some restrictions for foreign financial institutions established in the China (Shanghai) Pilot Free Trade Zone.

Foreign banks can now trade government bonds and conduct yuan business without meeting minimum operating period requirements. The minimum capital requirement was scrapped for foreign investors to establish asset management firms.

Foreign insurers can now redistribute risks with affiliated firms without the approval from the insurance watchdog.

(CGTN)