On January 8, 2021, China Life Investment Management Company Limited, the first alternative investment and insurance asset management company in China, was approved by China Banking and Insurance Regulatory Commission (CBIRC) to be established in Beijing. It was solely-funded by China Life Insurance (Group) Company with a registered capital of CNY 3.7 billion. 

On the same day, Gopay Information Technology Co., Ltd., the country's first licensed payment company wholly-owned by foreign investors, was approved by the People's Bank of China to settle in Beijing. It is wholly owned by PayPal, the world's leading third-party payment company, through one of its subsidiaries, with a registered capital of CNY 142 million.

On January 25, Allianz Insurance Asset Management Co., Ltd., the first insurance asset management company in China wholly-owned by foreign investors, was approved by CBIRC for establishment in Beijing. It was solely funded and established by Allianz (China) Insurance Holdings Co., Ltd., a subsidiary of Allianz Group, with a registered capital of CNY 100 million.

Relevant policy

Official Reply of the State Council on the Working plan for Deepening the Comprehensive Pilot Program of a New Round of Expanding Opening-up of the Service Sector in Beijing Municipality and Building a National Comprehensive Demonstration Zone for Expanding Opening-up of the Service Sector (Guo Han [2020] No. 123)

Extended Reading

The 2020 China International Fair for Trade in Services (CIFTIS) was held in Beijing from September 4 to 9 under the theme of "Global Services, Shared Prosperity". During the CIFTIS, the China International Finance Annual Forum 2020 was held and addressed by Yin Yong, member of the Standing Committee of the CPC Beijing Municipal Committee and Vice Mayor of Beijing. He stated that Beijing has the most prominent effect for change brought about by the opening up of the financial sector, as the city holds the largest amount of financial assets, the largest number of financial institutions, and the greatest potential for financial development among all regions across the country. Therefore, Beijing must take the initiative to lead the development of an open economic system and mechanism, give rein to the driving role of finance, open up the financial sector more vigorously, and serve the real economy more effectively.

Beijing will increase international cooperation in financial management, financial technology, and green finance to build a global center for green finance. The city will support multinational companies in setting up global capital operation centers locally, support the development of international business incubation, and create a cluster of international venture capital.