China is expected to approve the first entirely foreign-funded securities company by the end of this year, the Securities Daily reported on Thursday.
Since early this year, China had accepted and heard the applications from Nomura and JPMorgan for setting up securities companies. Actual controller change of UBS Securities has also been accepted and heard.
As of Wednesday, the above three foreign-funded securities companies had all received feedback from China's securities regulators.
Insiders predicted that the first foreign-funded securities companies are expected to come into being by year-end, according to a report of the Securities Daily.
"China is rushing to implement its opening-up policies in the financial sector," said Bian Yongzu, a researcher from the Chongyang Institute for Financial Studies of Renmin University of China. "As time passes by, more foreign-funded financial institutions, such as securities, fund management and futures companies will seek to increase their shareholding ratios in joint ventures."
In July this year, China's banking and insurance regulators allowed the Jordan Arab Bank to set up a branch in Shanghai, and the Bank of East Asia (China) Limited to upgrade its sub-branch in Shenzhen Qianhai Development Zone to a branch level.
Meanwhile, the Chiyu Banking Corporation has also been permitted to build a branch in Shenzhen and Germany's Allianz to set up the Allianz (China) Insurance Holding Limited.
"Opening up in the financial sector will have a considerable influence on China's economy because their entry means more competition that will drive both financial enterprises and regulators forward," said Bian.
Since early this year, China had accepted and heard the applications from Nomura and JPMorgan for setting up securities companies. Actual controller change of UBS Securities has also been accepted and heard.
As of Wednesday, the above three foreign-funded securities companies had all received feedback from China's securities regulators.
Insiders predicted that the first foreign-funded securities companies are expected to come into being by year-end, according to a report of the Securities Daily.
"China is rushing to implement its opening-up policies in the financial sector," said Bian Yongzu, a researcher from the Chongyang Institute for Financial Studies of Renmin University of China. "As time passes by, more foreign-funded financial institutions, such as securities, fund management and futures companies will seek to increase their shareholding ratios in joint ventures."
In July this year, China's banking and insurance regulators allowed the Jordan Arab Bank to set up a branch in Shanghai, and the Bank of East Asia (China) Limited to upgrade its sub-branch in Shenzhen Qianhai Development Zone to a branch level.
Meanwhile, the Chiyu Banking Corporation has also been permitted to build a branch in Shenzhen and Germany's Allianz to set up the Allianz (China) Insurance Holding Limited.
"Opening up in the financial sector will have a considerable influence on China's economy because their entry means more competition that will drive both financial enterprises and regulators forward," said Bian.
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