China revises trust industry rules to ease controls on foreign investors

Chinese regulators are set to make it easier for overseas financial institutions to invest in China’s $3 trillion trust industry as the government revises industry administrative rules for the first time in five years, reported Caixin.

The China Banking and Insurance Regulatory Commission Tuesday released for public comments a draft revision to rules for administering the country’s trust companies. It is the first revision to the document since June 2015.

Compared with the current rules, the revised version removes an article requiring foreign companies to have at least $1 billion in total assets at the end of the previous fiscal year to be eligible to invest in Chinese trust companies.