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China's financial market attracts more foreign investors as opening-up goes deeper 2023/11/3 source: Print

With the further opening-up of the financial industry, the attractiveness of China's financial market is increasing day by day, according to industry insiders.

At present, China has become the world's largest banking market and the second largest insurance market. Compared with the end of 2017, the assets of foreign banks and foreign insurance companies in China increased by 16.91 percent and 126 percent respectively, at the end of the third quarter of this year.

After the First Abu Dhabi Bank (FAB) opened its branch in Shanghai in March 2022, it obtained the certificates for foreign exchange business and RMB business in a short time.

"We got all of the financial certificates in a very short time. We got our business certificate in just one or two days. This is just the beginning. We are going to apply for other related certificates and interbank market certificates," said Zou Jianglei, president of Shanghai Branch of the FAB.

Commerzbank has been operating in China for more than 40 years and has always been full of confidence in the Chinese market.

"None of our German clients have left the Chinese market or are planning to leave the Chinese market. Many German-funded enterprises, whether they are super-large German-funded enterprises or 'little giant' firms, are increasing their investment in China, so we are very confident," said Zhang Liang, CEO of China Branch of the Commerzbank.

From January to September this year, the National Administration of Financial Regulation (NAFR) totally approved foreign banks to increase capital by a total of 1.96 billion yuan (about 268 million U.S. dollars), and approved the establishment of two branches of foreign banks and six business institutions of foreign banks. Data shows that by the end of September this year, a total of 202 banks from 52 countries and regions had established institutions in China.

"All kinds of foreign-funded financial institutions crowds to Chinese market, which is conducive to enriching financial market entities, optimizing financial supply, improving the financing function and resource allocation efficiency of the Chinese market, and promoting a wider range, a wider field and a deeper level of opening up," said Liu Jianren, director of Shanghai Supervision Bureau of NAFR.


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