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Measures for Further Opening up the Financial Sector

Sophie Mao LegalTips 2021-05-29

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Office of Financial Stability and Development Committee under the State Council promulgated 11 measures to further open up the financial sector to foreign investment on 20 July 2019.国务院金融稳定发展委员会办公室于2019年7月20日公布了11项新措施,进一步扩大金融业的对外开放。
1. Permit foreign-funded institutions developing credit rating business in China to rate all types of bonds in inter-bank bond market and exchange bond market.1、允许外资机构在华开展信用评级业务时,可以对银行间债券市场和交易所债券市场的所有种类债券评级。
2. Encourage overseas financial institutions to participate in the establishment of, or to make equity investment in, asset and wealth management subsidiaries of commercial banks.2、鼓励境外金融机构参与设立、投资入股商业银行理财子公司。
3. Permit overseas asset management institutions to co-establish financial management companies controlled by foreign parties jointly with subsidiaries of Chinese banks or insurers.3、允许境外资产管理机构与中资银行或保险公司的子公司合资设立由外方控股的理财公司。
4. Permit overseas financial institutions to establish or to make equity investment in pension management companies.4、允许境外金融机构投资设立、参股养老金管理公司。
5. Support foreign investors to establish or to make equity investment in wholly owned currency brokerage companies.5、支持外资全资设立或参股货币经纪公司。
6. Advance the transitional period during which the limit of the proportion of foreign shares in life insurers being raised from 51% to 100% to 2020 from the originally scheduled 2021.6、人身险外资股比限制从51%提高至100%的过渡期,由原定2021年提前到2020年。7. Abolish the provision that domestic insurance companies shall hold no less than 75% of the shares in any insurance asset management company in total, and permit overseas investors to hold over 25% of shares in such company.7、取消境内保险公司合计持有保险资产管理公司的股份不得低于75%的规定,允许境外投资者持有股份超过25%。
8. Ease the access conditions for foreign insurers by removing the requirement of over-30-year operation.8、放宽外资保险公司准入条件,取消30年经营年限要求。
9. Advance the time point originally set for removing the foreign ownership cap on securities companies, fund management companies and futures companies by one year to 2020.9、将原定于2021年取消证券公司、基金管理公司和期货公司外资股比限制的时点提前到2020年。
10. Permit foreign-funded institutions to obtain a Class-A lead underwriting license in the inter-bank bond market.10、允许外资机构获得银行间债券市场A类主承销牌照。
11. Further facilitate foreign institutional investors' investment in the inter-bank bond market.11、进一步便利境外机构投资者投资银行间债券市场。


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