This initiative aims to attract foreign investment and expertise into China's financial services sector.
HONG KONG (Reuters) -China has approved separate insurance units to be set up by BNP Paribas and Prudential Financial, a regulator said on Friday, as it looks to further open up the world's second-largest insurance market to foreign companies. China's National Financial Regulatory Administration (NFRA) has approved the creation of a joint venture between BNP and Volkswagen Financial Services, Li Yunze, the head of the regulator said at a financial forum in Beijing.