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By: David Olsson & Andrew Fei, King & Wood Mallesons

New rules and policy statements by China's regulators provide a catalyst for the further opening up of China's financial markets and financial services sector to foreign investment, leading to increased competition, more innovation and better quality of service.

This article provides an overview of these developments and highlights some implications for foreign investors.

Overall, these developments represent a continuation of the trend of gradual opening up of China's economy. They present significant business opportunities for foreign investors that wish to access China's massive (and rapidly growing) capital markets and those that wish to enter or expand their presence in China's financial services sector, which serves a growing list of multinational companies and a burgeoning, educated and tech-savvy middle class.

Background

For China, 2018 is a milestone year because it marks the 40th anniversary of reform and opening up in China, and the beginning of the implementation of the decisions made at China's 19th National Congress.

On 10 April 2018, Chinese President Xi Jinping announced a "new phase of opening up" of China's economy at the 2018 Boao Forum for Asia. The speech referred to further opening up of China's financial system and making China more attractive for foreign investments. The following day, Yi Gang, Governor of the People's Bank ......................

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