Shanghai Pilot Free Trade Zone issues new preferential policies for foreign financial institutions
August 05, 2018
Foreign financial institutions will be allowed to establish a branch and subsidiary at the same time while foreigners can own majority stakes in domestic life insurance companies in Shanghai Pilot Free Trade Zone.
These will be possible under 25 new rules issued by the Shanghai Pilot Free Trade Zone Administration today in the FTZ's latest effort to test the ground for further liberalization of the economy to widen the opening-up of its financial sector.
Under the rules commercial banks are allowed to form financial asset investment and management companies without any cap on foreign ownership.