Year-ender: major financial events of 2020

Updated: Dec 29, 2020 Print
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China further opens its capital market, reduces negative listing of foreign investment access

In 2020, China further eases entry thresholds and enlarges business scope for foreign investors to deepen opening-up efforts. [Photo/CFP]

China further eased entry thresholds and enlarged business scope for foreign investors to deepen opening-up efforts this year. Regulators issued policies for allowing foreign capital to fully own futures and life insurance companies, and lifted foreign ownership caps on securities firms and mutual fund enterprises from the beginning of April.

Industry giants BlackRock Financial Management and Neuberger Berman Investment Advisers LLC became the first two foreign financial service providers to apply for mutual fund qualification in China on the first day the new policy took effect.

Credit Suisse Founder Securities Ltd got the China Securities Regulatory Commission's approval for an ownership change on April 19, after which the number of foreign-controlled securities firms in China rose to six.

The CSRC also approved on June 18 the ownership change plan of JP Morgan Futures Company Ltd, making it the first wholly foreign-owned futures company in China.

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