BlackRock, Temasek, and CCB secure joint wealth venture approval in China

Vlad Macovei

24 Aug 2020 / 5 Min Read

The announcement was announced on the website of the China Banking and Insurance Regulatory Commission (CBIRC). The article gave no further details about the venture or what services it would be offering. The deal comes as China’s government looks to open up its financial market to foreign companies, offering potentially rich rewards for international fund managers and others in the broader financial sector, according to Reuters.

Top global financial players have long sought to increase their presence in the relatively fast-growing Chinese economy, and in October 2019 China scrapped some restrictions on foreign banks’ operations in the country. But the Chinese industry remains dominated by domestic state firms and China has yet to open up some more sensitive areas of its financial industry.

Countries:

China

Vlad Macovei

24 Aug 2020 / 5 Min Read

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