TOKYO -- European and Japanese financial institutions are breaking new ground in the Chinese market as U.S. competitors take a back seat due to tensions over trade and intellectual property practices.
Although China relaxed rules on majority foreign stakes in its financial sector last year, with full ownership taking effect after 2021, authorities there have yet to grant such approval for U.S. banks' joint ventures. JPMorgan Chase, for example, applied to establish a majority-owned Chinese securities joint venture in China last May but is still stuck in the application stage.
