By Addison Gong
05.00 AM
In this round-up, Beijing and Washington pledge to fight climate change together, Citi plans to set up onshore securities and futures companies as it ends consumer banking operations in 13 markets including China, and the banking and insurance regulator reassures the market that Huarong Asset Management Co’s operations are stable.
China and the US have issued a joint statement on climate change, after a meeting in Shanghai between US special presidential envoy for climate, John Kerry, and China’s special envoy for climate change, Xie Zhenhua, last Thursday.
The climate crisis must be addressed “with the seriousness and urgency that it demands” and the two countries are committed to working together as well as with other countries and parties, said the statement published by the US Department of State. This will include enhancing their respective actions and cooperating in multilateral processes, such as the United Nations Framework Convention on
Foreign institutions jump at the chance to boost presence in China By XU WEI | China Daily | Updated: 2021-01-06 07:54 Share [Photo/Sipa]
Opening up China s financial sector significantly strengthened the appeal of the country to foreign investors over the past year, with a range of overseas institutions boosting their presence in the nation.
Chinese regulators gave approval to a number of foreign insurers, banks and asset management companies last year to establish wholly-owned subsidiaries, a move experts said indicated the country s resolve to advance opening-up of its financial sector.
The key decisions included Citigroup becoming the first United States bank to receive a domestic fund custody license in China, following regulatory moves to further open up the nation s mutual funds sector.
Opening up China s financial sector significantly strengthened the appeal of the country to foreign investors over the past year, with a range of overseas institutions boosting their presence in the nation.
Chinese regulators gave approval to a number of foreign insurers, banks and asset management companies last year to establish wholly-owned subsidiaries, a move experts said indicated the country s resolve to advance opening-up of its financial sector.
The key decisions included Citigroup becoming the first United States bank to receive a domestic fund custody license in China, following regulatory moves to further open up the nation s mutual funds sector.
Insurance giant AIA Co was given approval to set up the first wholly foreign-owned life insurance company on the Chinese mainland.