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    CBIRC to Speed Opening Up of Banking and Insurance Sectors

    April 27, 2018

    CBIRC intends to speed up the implementation of banking and insurance industry's opening to the outside world. CBIRC published notices on further relaxation of market entry of foreign banks, on the opening up business scope of foreign-invested insurance brokers (will be implemented as of the date of issue), and on guidelines for regulating the asset management business of financial institutions.

    As China enters a new period of reform and opening up, the Party Central Committee and the State Council propose to actively promote the formation of a new pattern of comprehensive opening up. At the recent annual meeting of the Boao Forum for Asia, President Xi Jinping announced that China will ensure that the announced major financial opening measures are launched as soon as possible. The measures involve facilitating foreign investment, relaxation of the conditions for setting up foreign-funded institutions, and of the scope of business of foreign-funded institutions. Another measure involves optimizing the supervision rules of foreign-funded institutions, implementing the combined assessment of domestic branches of foreign banks, and adjusting the management requirements of operating funds of foreign bank branches.

    To ensure that these measures are taken early, CBIRC is speeding up the development of relevant laws and regulations and supporting systems. A consultation on the “Decision of CBIRC on the Abolition and Modification of Certain Regulations is also expected to be launched soon. The decision will repeal the "Measures for the Administration of Foreign Financial Institutions Investing in Chinese-Funded Financial Institutions," amend the relevant provisions of the Measures for the Implementation of Multiple Administrative Licensing Items, and implement the opening measures to eliminate the restrictions on the proportion of foreign ownership of Chinese-owned banks and financial asset management companies.

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    Effective Date: April 27, 2018

    Keywords: Asia Pacific, China, Banking, Insurance, Securities, Liberalization, Foreign Funded Institutions, CBIRC

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