28 February 2024
On 28 February 2024, the General Office of the State Council issued the “Action Plan for Promoting the High-level Opening Up and Enhancing the Utilization of Foreign Investment” (“the Plan”). The Plan proposed to expand the access for foreign-invested financial institutions in banking and insurance industry and support qualified foreign-invested institutions in carrying out bank card clearing business in accordance with relevant regulations so as to ensure security, efficiency and stability of these operations. In addition, the Plan proposed to deepen the opening up of commercial insurance and health insurance sector and support qualified overseas professional insurance institutions in establishing insurance business within mainland China.