The Ministry of Commerce Photo: VCG

China will review and approve, in accordance with laws and regulations, applications by financial services institutions from various countries, including US-funded institutions, to conduct business and establish branches in China, as part of the positive outcomes reached by the Chinese and US economic and trade teams during their consultations in New York and Washington in the area of financial services, China's Ministry of Commerce announced on Monday.

In recent years, China has taken the initiative to further open up its financial services sector, a move that has been recognized by the international community and has benefited many US-funded institutions. The two sides reached principled consensus in the financial services sector during the latest consultations. China hopes the US will likewise provide Chinese-funded financial institutions with a fair, transparent and stable policy environment, the ministry said. 
 
Global Times