In order to implement the decisions and arrangements of the CPC Central Committee and the State Council on further advancing opening-up, and according to the principle of taking actions “faster rather than slower and sooner rather than later”, the following 11 measures for further opening up the financial sector are hereby released on the basis of thorough research and assessment:

1. Foreign-funded institutions will be permitted to conduct credit rating business on all types of bonds in China’s inter-bank and exchange bond markets.

2. Overseas financial institutions will be encouraged to participate in the establishment of and equity investment in asset and wealth management subsidiaries of commercial banks.

3. Overseas asset management institutions will be permitted to co-establish foreign-controlled asset management companies together with subsidiaries of Chinese banks or insurers.

4. Overseas financial institutions will be permitted to invest in the establishment of or make equity investment in pension management companies.

5. Foreign capital will be supported in wholly-owned currency brokerage establishment and equity participation.

6. The transitional period for raising the foreign ownership cap on life insurers from 51 percent to 100 percent will be brought forward to 2020 from 2021.

7. The requirement that the total share of an insurance asset management company held by domestic insurers shall be no less than 75 percent will be removed, and the foreign ownership will be permitted to exceed 25 percent.

8. Entry conditions of foreign insurers will be eased by removing the requirement of over-30-year operation.

9. The removal of foreign ownership limits on securities, fund management and futures companies will be advanced by one year to 2020.

10. Foreign institutions will be permitted to obtain Type-A lead underwriting licenses in the inter-bank bond market.

11. China will further facilitate the investments of overseas institutions in the inter-bank bond market.

The State Council’s Office of Financial Stability and Development Committee

                                                                                              July 20, 2019