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Year-ender: 10 highlights in China's foreign investment Updated: 2019-12-30

China nods to fully foreign-owned insurance firm

A number of overseas financial institutions are ready to expand their presence in the Chinese mainland. [Photo/VCG]

Foreign insurance groups are now allowed to set up foreign-funded insurance firms in the Chinese mainland, while overseas financial institutions can be shareholders of foreign-funded insurance firms.

China has approved the operation of Allianz (China) Insurance Holding Co Ltd, the first fully foreign-owned insurance holding company in the country in November 2019, marking a major step toward the liberalization of domestic financial markets.

The approval follows a series of measures announced by the government to further open up the country's financial markets and encourage investment by foreign financial institutions.

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