China Banking and Insurance Regulatory Commission, Guiding Opinions on Promoting the Quality Development of the Banking and Insurance Industries

Issued: December 30, 2019

Main contents: Foreign-invested financial institutions in fields such as wealth management, non-performing asset disposal, professional factoring, consumer finance, old-age insurance and health insurance will be attracted to enter the domestic market. Foreign-invested financial institutions are encouraged to participate in the establishment of, and the investment and acquiring of equity interests in, the wealth management subsidiaries of commercial banks, and foreign asset management institutions are permitted to establish with subsidiaries of Chinese-invested banks or insurance companies equity joint venture wealth management companies in which the foreign party has a controlling interest. The rational distribution of establishments, such as (sub-)branches and subsidiaries set up by foreign-invested banks and insurance institutions in line with their business needs to expand their scope of business is supported (Article 27).

Related legislation: PRC Regulations for the Administration of Foreign-Invested Banks (3rd Revision) and PRC Regulations for the Administration of Foreign-Invested Insurance Companies (3nd Revision)