JPMorgan and Standard Chartered won Chinese regulatory approval on Thursday to expand operations in China, as Beijing encourages expansion by foreign companies after lifting its restrictive COVID policies.
SHANGHAI, Jan 19 - JPMorgan
and Standard Chartered won Chinese regulatory approval on Thursday to expand operations in China, as Beijing encourages expansion by foreign companies after lifting its restrictive COVID policies. China is speeding up the process of granting permissions to foreign institutions in a move to boost confidence among overseas investors as part of efforts to revive its economy battered by the stringent COVID measures, which ended last month.
JPMorgan's asset management arm will be allowed to take full ownership of China International Fund Management Co. , in which it holds a 49% stake, the China Securities Regulatory Commission said.
Chinese regulators and government officials were preoccupied with the zero-COVID policy in 2022, and preparation for October's 20th Communist Party Congress, but approvals granted to foreign institutions have recently picked up pace, Alexander said.
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