SHANGHAI - China's big bang opening of its US$45 trillion financial industry begins in earnest next year - a step-by-step affair that's unfolding just as economic strains threaten the promised windfall luring in global firms.
Foreign financial firms may plow 7 trillion yuan to 8 trillion yuan of assets onshore in the next few years, Huang Qifan, vice president at China Center for International Economic Exchanges and former mayor of Chongqing, said this month. "There's no best approach clearly in sight" for fully foreign-owned life insurers, said Jimi Zhou, a partner of consulting at PwC China."The pie is big enough, but it depends on how you want to eat it."
ASSET MANAGEMENT Asset management is a hotter ticket. Foreigners will be able to apply for licenses to start wholly owned mutual fund management firms in April, or buy out local funds. Hedge funds already in business in China have found it difficult to amass assets that gravitate to local high-flyers.
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