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China opens doors to foreign finance companies, but can they prosper?

Overseas institutions want consistency, predictability in policies

A screen shows footage of Chinese President Xi Jinping at the China Securities Regulatory Commission building in Beijing. The financial watchdog has this year approved over 100 overseas institutions to invest in the domestic capital market.   © Reuters

Over the past three years, China has accelerated the opening of its financial sector, giving foreign institutions unprecedented access to investors in the world's most populous nation and to one of the biggest capital markets.

After pledging in 2017 to remove barriers to ownership, the government finally started to give the green light in 2020 for companies including Goldman Sachs to operate wholly owned companies on the Chinese mainland for a range of financial services including mutual fund management, life insurance, and securities and futures broking.

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