China agreed to further open its markets to American products and services, including mutual fund and other financial services firms, Agence France-Presse reports.
In the second half of the year, China will remove a block on new foreign securities firms from entering the country. The nation will also allow securities firms to expand their offerings to include fund management, proprietary trading and brokerage.
China will also allow foreign banks to offer their own yuan-denominated credit cards to compete with Chinese banks. Regulators are also streamlining the application and licensing process for annuities, allowing insurance companies to offer more products and increasing the amount of assets they can manage.
However, China is also raising the quota for “qualified foreign institutional investors” from $10 billion to $30 billion.