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China steps up approvals for foreign financial companies

U.S. players account for majority of authorizations since last autumn

Shanghai's Pudong financial district: China is keen to revive its economy after three years of zero-COVID. (Nikkei montage/Reuters/AP)

HONG KONG -- China has issued a flurry of approvals for foreign financial companies looking to expand into the country as Beijing seeks to boost investor confidence after abruptly ending years of pandemic restrictions.

The approvals for global banks and asset managers to set up or start operations of fully owned entities have come since China's 20th Party Congress in October, when President Xi Jinping secured an unprecedented third term in office. Such approvals were rare for the majority of 2022 and signal Beijing's desire to woo foreign business.

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