To revive the confidence of overseas investors, JPMorgan and Standard Chartered were approved to expand in China (Bloomberg data photo)

[Financial Channel/Comprehensive Report] China is speeding up the process of granting licenses to foreign institutions to boost the confidence of overseas investors, after the China Securities Regulatory Commission gave Schroders the green light to allow the British asset manager After expanding its footprint in China by setting up a mutual fund unit, the company on Thursday approved JPMorgan Chase & Co and Standard Chartered Bank to expand their business in China.

Reuters reported that after more than two years, after JPMorgan Chase applied to acquire China Investment Fund (CIFM) in 2020, the China Securities Regulatory Commission on Thursday approved JPMorgan Chase’s asset management department to hold a 49% stake in CIFM.

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JPMorgan Chase & Co Asset Management (JPMAM) said China International Investment Morgan, which has about 170 billion yuan in overseas client assets, will be integrated into its global operating model.

Dan Watkins, CEO of JPMorgan Asia Pacific, said in a statement that our strategic goal is to make JPMorgan China the leading foreign asset manager in China and help JPMorgan become the leading manager of Chinese assets for global investors. .

In addition, the China Securities Regulatory Commission also approved Standard Chartered Bank to set up a new securities brokerage department in China on Thursday.

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