JPMorgan Wins Approval to Expand in China

JPMorgan won Chinese regulatory approval to expand operations in China as it encourages expansion by foreign companies after lifting its restrictive COVID-19 policies. According to a story in The Wall Street Journal, China is speeding up the process of granting permission to foreign institutions to boost the confidence of overseas investors as part of efforts to revive its economy battered by the COVID measures, which were scrapped last month. JPMorgan's asset management arm will be allowed to take full ownership of China International Fund Management Co. (CIFM), in which it holds a 49% stake, the China Securities Regulatory Commission (CSRC) said. The approval came more than two years after the U.S. bank had applied to buy out CIFM, in 2020. JPMorgan Asset Management (JPMAM) said that CIFM, which overseas client assets of roughly 170 billion yuan ($25.10 billion), would be integrated into its global operating model.