China's National Financial Regulatory Administration (NFRA) has greenlighted BNP Paribas and Volkswagen Financial Services to jointly set up a property insurance company in the capital city of Beijing. Additionally, Prudential Financial has also received approval to establish an insurance asset management firm in Beijing, Li Yunze, head of the NFRA, said on Friday.

This marks the latest step in China's high-level opening-up of the country's financial sector.

Li announced the approval of these new insurance entities in a speech delivered to the Annual Conference of Financial Street Forum 2024 in Beijing on Friday.

"Opening-up is a defining feature of Chinese modernization and an important force behind the reform and development of China's financial industry," Li said.

China is a popular destination for global investment and its doors will continue to open wider, the official stressed.

"With higher standards, greater strength, and more forceful measures, we strive to build a market-oriented, rule-of-law-based and internationalized business environment, and continuously promote high-level opening-up of the financial sector," Li said.

Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), said at the same forum that the CSRC will firmly boost comprehensive institutional opening-up in market, institutions, and products, deepen the connectivity between domestic and overseas markets, expand enterprises' listing overseas and encourage more foreign institutions to carry out businesses in China.

"We will further strengthen the stability, transparency, and predictability of policies, and strive to make a variety of capitals 'willing to come, stay, and develop well,'" Wu said.

China has implemented over 50 financial opening-up measures in recent years, including eliminating foreign ownership limitations in the banking and insurance sectors and lowering access criteria for foreign investors.

Currently, 30 global systemically important banks all have branches in China, and nearly half of the world's top 40 largest insurance companies are operating in the Chinese market, the Xinhua News Agency reported.