China's securities regulator approved Allianz Global Investors (Allianz GI) on Aug 24 to establish an onshore fund management company, as Beijing vowed to step up efforts to attract foreign companies amid slowing economic growth. According to an official record from the regulator, the asset manager, an investment management subsidiary of German insurer Allianz, committed 300 million yuan ($41.20 million) to establish the unit in China's $3.8 trillion mutual fund market.
The initial approval came five months after Allianz GI filed its application with the China Securities Regulatory Commission in March, making it one of the fastest regulatory approvals given to a foreign asset manager.
China's State Council issued guidelines on Sunday that it said would further optimize the foreign investment environment and attract more of it.
The German asset manager is the latest of a host of foreign asset managers, including BlackRock and Fidelity International, seeking to expand their presence in China since it removed ownership restrictions in 2019.
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