Overseas ratings agencies to launch units in China

Move a precursor to nation's further opening-up of its financial sector

Two foreign ratings agencies - Fitch Ratings and S&P Global Ratings - have announced that they plan to launch their own companies in the mainland, amid China's further opening-up in its financial sector as they target the huge potential of the world's third-largest bond market.

A spokesperson for Fitch said that it is planning to apply for a license from Chinese regulators to operate independently in the country. "The changes in China's regulatory landscape provide an opportunity for us to consider and evaluate how we can best serve the needs of local and global capital markets going forward," said the spokesperson.