Regulator steadily opens financial sector

China further opened its financial sector to foreign investors, with the banking and insurance regulator giving two more financial institutions the nod for market access.

The China Banking and Insurance Regulatory Commission announced on Sunday it approved Munich-based Allianz SE's application to begin setting up Allianz (China) Insurance Holding Company Ltd, which will become the first foreign-funded insurance holding company in China.

The regulator also allowed Chiyu Banking Corp Ltd, a licensed bank in Hong Kong, to make preparations to set up a branch in Shenzhen, Guangdong province.