Where are the Opportunities for Foreign Investors?
On 10 April 2018, President Xi Jinping made a keynote speech at the opening ceremony of the Boao Forum for Asia Annual Conference 2018. He announced that China will significantly ease market access, including in the financial sector. The next day, the People’s Bank of China Governor Yi Gang presented multiple measures for further opening up the financial sector and the timeline for doing so. This marks a new chapter in China’s opening-up of its financial market. It will bring new business opportunities for foreigners investing in financial institutions in China. Foreign-funded financial institutions will be treated equally with Chinese financial institutions in terms such as business scope and applications for certain licenses. We believe that foreign investors will enjoy more investment opportunities in domestic financial institutions. Yi Gang has stated that relevant government departments are currently making amendments to existing laws and regulations. The article summarizes the opening-up measures for foreign investors and business scope in each relevant financial sector and their timeline.