In the News: Foreign Banks, Insurers Restrictions Lifted; China Tops IP Protection Survey; and Blockchain Network Launched

October 21, 2019 | BY

Vincent Chow

Restrictions on foreign banks, insurers lifted with immediate effect; China tops U.N. global survey for IP protection activity; and leading government agencies and companies launch nationwide blockchain services network

Blockchain

China relaxes regulatory requirements for foreign banks, insurers

China is fulfilling a number of policy pledges it has made to further open up its banking and insurance sectors to foreign investors. On Oct. 15, China's banking and insurance regulator (CBIRC) published a State Council order amending relevant regulations to relax requirements and restrictions for foreign banks and insurance companies. Effective immediately, foreign financial institutions can establish wholly-owned banks in China, and foreign insurance companies are no longer required to have a 30-year track record and a representative office in China for at least two years before setting up or investing in a local insurance operation.

This premium content is reserved for
China Law & Practice Subscribers.

  • A database of over 3,000 essential documents including key PRC legislation translated into English
  • A choice of newsletters to alert you to changes affecting your business including sector specific updates
  • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]