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Foreign badet managers will be allowed to be the main shareholders of wealth management joint ventures they have created with Chinese financial institutions, according to a series of measures aimed at strengthening the opening of the country's financial sector, released on Saturday.
Foreign financial institutions will also be allowed to apply for the Major Subscription A Type Bond in the interbank market, in accordance with the measures. This will enable them to subscribe to all the debt financing tools on the interbank market, says a notice published Saturday on the website of the People's Bank of China. Previously, foreign institutions were allowed to badume the role of principal underwriter only for Yuan – dominated Pandas – Bonds issued by non – financial foreign institutions in China.
It is difficult for existing companies to meet the needs of China's fast-growing badet management market, a spokesman for China's Banking and Insurance Regulatory Commission said on Saturday. Allowing foreign institutions to control badet management companies will contribute to the development of the sector, the spokesman said.
Contact reporter Liu Jiefei ([email protected])
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