China continues opening up its financial sector to foreign entrants, this time to two insurers from France and the US.
Mainland China has approved the establishment of a joint venture between BNP Paribas and Volkswagen Financial Services as well as an insurance asset management firm by Prudential Financial in Beijing, according to a «Reuters» report citing the head of National Financial Regulatory Administration, Li Yunze, at a recent financial forum.
«[W]e will support Beijing's financial opening up as always,» Li said.
At $4.2 trillion in total insurance assets as of end-2023, China is the second largest insurance market behind the US, according to official data.
