China Approves New Foreign Insurance Units
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.
