On 20 July 2019, the Office of Financial Stability and
Development Committee (the Office) under the State Council
published the Relevant Measures for Further Opening Up the
Financial Sector (the 11 Measures).
In announcing the 11 Measures, the Office said “it is
better to launch them earlier and quicker instead of later and
slower”. The adoption of the 11 Measures represented
China’s latest efforts to bring in more foreign investment to
boost its economy, amid the challenges posed by global economic and
business environment. It is part of a broader scheme to open up the
financial sector, and comes after the relaxation of restrictions on
foreign investment in the financial sector announced in 2018 and
the adoption of China's Foreign Investment Law in March of
2019. Under the earlier 2018 reforms, China Banking and Insurance
Regulatory Commission (the CBIRC) raised the foreign ownership cap
in life insurance companies from 50% to 51%, removed foreign
ownership caps in
