Asia Pacific: Change is coming

Author: Karry Lai | Published: 8 Jul 2019

The door to China just opened a bit wider: in May China's Banking and Insurance Regulatory Commission (CBIRC) announced a series of measures to further liberate financial markets. Existing caps for foreign investments in local commercial banks will be removed, and foreign financial institutions will be allowed to establish insurance companies without the requirement of a Chinese majority. A previous requirement that foreign financial institutions have minimum assets of $20 billion to open a branch in China will also be relaxed by the end of 2019. These measures are part of the wider initiative to open up the country's financial markets to the...