(ATF) More foreign investors are to be allowed to put more money into Chinese trusts as part of moves to liberate the sector.
The China Banking and Insurance Regulatory Commission said on Tuesday it would lift the $1 billion asset requirement for overseas financial institutions who want to invest in local trusts.
The top banking and insurance watchdog has revised rules regulating trust companies and solicited public opinions on the move.
The country will further promote streamlined administration and delegate powers, optimise licensing procedures and simplify application materials for trust companies, the regulator said.
The sector in China has been shrinking in recent years as tight regulation deterred overseas institutions from participating in the market.
Total trust assets of the country’s 68 players reached 21.6 trillion yuan ($3tn) at the end of 2019, down 4.85 percent, year-on-year, according to the China Trustee Association.