China OKs first JV firm in pension insurance sector

The country is gearing up to embrace more overseas-funded players to engage in its financial market.

China has approved the plans of joint venture of conglomerate Tianjin TEDA International and Scotland-headquartered Standard Life Aberdeen to set up Heng An Standard Life, a pension insurance company in the country, reports Xinhua News.

This makes Heng An Standard Life the first JV in the business sector.

According to the China Banking and Insurance Regulatory Commission (CBIRC), the firm will be the country’s first foreign-funded pension insurance company as China continues to open up its banking and insurance industries alongside improving business environment.