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China watchdog promotes greater market access for foreign investors


(Reuters) — China's banking and insurance watchdog said it would seek to stabilize the expectations of foreign investors by continuing with efforts to implement policies designed to expand their market access.

Investors have been spooked this year by a series of regulatory actions, often sudden, that have upended norms for companies in the tech, property and private tutoring sectors.

The China Banking and Insurance Regulatory Commission said it would fully implement planned measures aimed at ensuring overseas investors are treated no less favorably than their Chinese counterparts and which would cut the number of sectors in which foreign investment has been prohibited or restricted.

In the 2020 list released by the National Development and Reform Commission, that number of sectors was cut to 123 from 131 the previous year.

After a market rout this week, China has stepped up attempts to calm frayed investor nerves by telling foreign brokerages not to “overinterpret” its latest regulatory actions.

The CBIRC also said it would promote trials of and legislation for natural disaster insurance so that more types of natural disasters are included in coverage.