Global EditionASIA 中文双语Français
Business
Home / Business / Finance

Total assets of foreign banks, insurers in China top 5 trillion yuan

Xinhua | Updated: 2020-05-25 21:55
Share
Share - WeChat
Billboards of foreign and domestic financial institutions are seen on a street in Shanghai. [Photo by Yan Daming/For China Daily]

BEIJING - Total assets of foreign banks and insurers in China had exceeded 5 trillion yuan (about $702.2 billion) amid the expansion of a two-way opening-up of the banking and insurance sector, the country's top banking regulator said on Monday.

Up to the end of the first quarter, foreign banks had established 41 foreign-funded corporate banks, 115 branches and 149 offices in China, with total assets reaching 3.58 trillion yuan, data from the China Banking and Insurance Regulatory Commission (CBIRC) showed.

During this period, overseas insurers had set up 64 foreign-funded insurance institutions, 124 offices and 18 insurance agencies in China, with assets amounting to 1.46 trillion yuan.

The commission has accelerated the examination of foreign investors' market entry applications, citing the fact that the country had approved an increase of 9.5 billion yuan in investment by foreign banks and insurance institutions.

The CBIRC previously unveiled revised management regulations to ease foreign banks' access by allowing them to establish branches and foreign-funded corporate banks at the same time, eliminating requirements on total assets and widening the selection range.

The commission pledged it would further implement opening-up measures and make more efforts to ease market access, scale up foreign-invested firms' business scope and improve the business environment, so as to offer more convenience for foreign financial institutions in China.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE