Foreign financial firms expand in China amid policy support

A growing number of foreign financial firms have applied to establish and expand their operations in China this year, drawn by the country's increasingly open financial market.

China's central bank announced at a recent meeting with foreign financial institutions that the country will steadily promote institutional opening up of the financial service sector and the financial market, and expand connectivity between domestic and overseas financial markets.

A prime example of this trend is Allianz Global Investors Fund Management Company, a public fund management firm that is owned by Germany's Allianz Global Investors, which has successfully entered the Chinese market, capitalizing on the country's supportive policies.

"China's economic transformation, coupled with global technological advancements, has created a wealth of investment opportunities," said Cheng Yu, head of the company's research department.

"We received approval from the China Securities Regulatory Commission (CSRC) on April 18 to establish a public fund management company. The entire process was incredibly smooth, and in just eight months, we received approval. This might be the fastest among foreign institutions, reflecting the high-level market openness China supports," said Leo Shen, the company's general manager.

Beyond public funds, several foreign brokerages and private equity firms are also expanding in China. In March, Standard Chartered officially launched its securities business in Beijing, followed by BNP Paribas, which was granted approval by the CSRC to establish a wholly foreign-owned securities firm in April. Meanwhile, Citigroup and Mizuho Securities are awaiting approval to enter the market.

"We've been heavily invested in China for many years. The Chinese market is crucial to our global strategy. We hope to support our Chinese clients in financing, particularly cross-border financing," said Zeng Jizhi, financial market head of Standard Chartered's Greater China and North Asia region.

In March, U.S.-based Neuberger Berman completed its third capital increase since establishing operations in China, raising its registered capital from 300 million yuan (about 41 million U.S. dollars) to 420 million yuan (about 57 million U.S. dollars). The firm has also launched three new products this year, bringing its total number of managed funds to eight.

"We've mapped out a long-term investment and development plan. We are highly confident in the development of China's capital markets and the long-term returns they will offer global investors," said Willian Xu, head of institutional business at Neuberger Berman in Shanghai.

According to available data, a total of 24 globally significant banks have established operations in China. The country now hosts 19 foreign-invested securities firms, 51 foreign-invested fund management companies, and 858 qualified foreign institutional investors.

Foreign financial firms expand in China amid policy support

Ten Colombian trainees on Tuesday graduated from the "Operation and Maintenance Plan" training program for the Bogota Metro Project in Xi'an, capital of northwest China's Shaanxi Province, the first batch of new recruits completed training in China for the Chinese-contracted metro project.

They will return to Bogota, the capital of Colombia, to participate in the operation and management work of the city's first metro line, which will begin service in 2028.

The subway line is being built by a consortium of Chinese companies, namely China Harbor Engineering Company Limited and Xi'an Metro Company Limited.

The Bogota Metro Project has made steady progress in infrastructure construction, personnel education and training, thanks to the support of governments, relevant enterprises, and education institutions from both sides.

The graduates have mastered the knowledge and operational methods of urban rail transit systems after a year of study.

"I learned a lot in China, and I need to bring that knowledge back to my country. I have a very important responsibility to build my country's subway, to build the Bogota Metro Line 1, so I studied very hard every day. I think it would be wonderful to come back to Xi'an sometime," said David Wan, a Colombian student.

Colombian Ambassador to China Sergio Cabrera lauded the training program as contributing to enhancing friendship between Colombia and China.

"I also went to Xi'an when the students first came to China a year ago. At that time, they had just arrived and did not know anything. A year later, I saw that they spoke Chinese very well, and that they had learned a lot and studied very hard. I watched their study videos, and I was proud of their achievements. It shows the abilities of these young Colombians, who have adapted to their new work and life very well. They have established a long and solid friendship between Colombia and China," he said.

Meanwhile, the second batch of 40 trainees set to begin their sessions in China. Selected from over 2,000 applicants, they have signed contracts to become employees of the Bogota Metro Project.

Building on the experience gained from training the first batch, this program has established a specialized training team to help trainees thoroughly understand and master the knowledge and operational methods of urban rail transit. The training will also equip them with initial management experience and enhance their skills in repair and maintenance.

Colombian trainees complete training in China for Pogota Metro project