ECONOMY
Greater Presence
Foreign-funded banks and insurers have reported a bigger presence in the Chinese market with the ongoing efforts of financial opening up and the improving business environment, according to the China Banking and Insurance Regulatory Commission.
By the end of October, foreign-funded banks had established 41 legal entity banks, 114 branches and 976 operating institutions on the mainland with their aggregate assets reaching 3.37 trillion yuan ($478.7 billion).
Foreign insurers’ total assets stood at 1.28 trillion yuan ($182 billion) as of the end of October. In the first 10 months of the year, the commission approved 18 applications from overseas banks and insurers.
Welcoming more qualified foreign players to do business in China, the commission said it would advance financial opening up, strengthen regulation
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