Fidelity International (FIL) has secured Chinese regulatory approval to conduct business in China’s $3.7 trillion mutual fund industry, reports Reuters. The China Securities Regulatory Commission granted a licence that enables the firm to offer onshore investment products and solutions to retail clients and asset management services to institutional clients in China, the company said in a statement on Friday.
“We aim to build a diversified financial services company with a strong footprint in pensions and asset management in China,” said Helen Huang, general manager at the fund unit FIL Fund Management (China) Company.
China last week officially allowed people in the public pension system to invest in fund and other financial products under a tax-incentivised system.