China to broaden overseas investors access

China will further broaden access for overseas investors to invest in financial asset management companies, according to a set of draft measures regulating administrative licensing for non-banking financial institutions which was issued by the National Financial Regulatory Administration on Friday.

Soliciting public opinions until August 21, the draft measures have proposed to allow overseas non-financial institutions to invest in financial asset management companies in China, and abolish the total assets requirement for overseas financial institutions to be investors of financial asset management companies.

Focusing on improving the efficiency of administrative approval procedures for non-banking financial institutions, the revision of the measures aims to strengthen regulation on non-banking financial institutions, and promote the opening-up of the Chinese market, the NFRA said.

It also aims to deepen the reforms to delegate power, streamline administration, optimize government services and improve administrative licensing and regulation, the administration said.