BEIJING — China has approved Amundi, Europe's largest asset manager, and a subsidiary of the Bank of China to set up a joint-venture asset management company in Shanghai, the top banking and insurance regulator said on Dec 20.

With Amundi holding a 55 percent stake and the Chinese partner 45 percent, it will be the first foreign-controlled asset management company in the country, said the China Banking and Insurance Regulatory Commission.

It is an important measure to implement China's financial opening-up and will help introduce international experience on business operation and risk management, said the commission.

Currently, there are other international asset management agencies communicating with subsidiaries of relevant Chinese banks on establishing joint venture asset management companies controlled by the foreign side, it said.