BlackRock wins China’s accreditation for its partner business
BlackRock has received approval to start its own joint venture in China, as the world’s largest regulator expands its presence in the fastest growing companies in the country.
The China Securities Regulatory Commission has approved a request from a company owned by BlackRock, the US agency said Friday.
The move followed a number of developments from major US banks and asset managers as required complete integration They make their own Chinese currency and spend most of their money, which has been focused on money and goods.
Major external participation has been fueled by changes in Chinese governments related to economic liberation. This is even more so despite the tensions between the US and China last year.
“China is doing a lot to open up its financial markets,” said Larry Fink, chairman of BlackRock and chief executive. “We are honored to have the opportunity to help more Chinese people access financial markets and create documents that can help them throughout their lives.”
Progress comes just weeks after BlackRock received it except confession in the case of financial management by China Construction Bank, through the design of goods to be distributed through local banks.
The certification outlines a number of options available to foreign companies entering China and “setting up BlackRock to increase the size of its products and services and streamline funding for all customer groups in China”, the company said. The Chinese stock market was worth Rmb121.6tn ($ 19tn) last year, according to Boston Consulting Group and China Everbright Bank.
To begin with April 2020, Foreign companies are allowed to own financial businesses in China, from the previous requirements to meet a public partner. JPMorgan is in the process of doing so buying his best friend in his Chinese business mutual fund.
Major foreign ownership is also allowed in groups including mainland security businesses, which deal with debt consolidation and justice. Last week, JPMorgan work to take full control of their security cooperation, following a similar move for Goldman Sachs in December.
The country’s financial institutions, controlled by the world’s largest state-owned banks, have also been restructured to encourage foreign participation as China seeks to create a savings sector.
Goldman Sachs last month announced it was affiliated with ICBC, China’s largest banks with 680m retail customers, to establish a large-scale business. Amundi, French property manager, last year initiated a partnership and the Bank of China.