China has set new, relaxed rules on the market access of financial companies based in foreign countries, including removing the total asset requirement for banks and easing limitations on shareholders of joint venture lenders, Reuters reported Jan. 4.

The country's banking and insurance regulator CBIRC said overseas lenders would also be allowed to launch both branches and wholly foreign-owned banks at the same time, according to the report. However, the country imposed stricter requirements for equity management and anti-money laundering and anti-terrorist financing, Reuters said.

In October 2019, China also relaxed entry rules for foreign banks and insurers when it removed the 30-year operating experience requirement for companies before applying for a license.