China nods to fully foreign-owned insurance firm

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.