China's $45 Trillion Market Is Opening Up. Here's What to Watch in 2020
- Nation opens $45 trillion industry to 100% foreign ownership
- President Xi vows to guard sovereignty while pushing reforms
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China’s big bang opening of its $45 trillion financial industry begins in earnest next year -- a step-by-step affair that’s unfolding just as economic strains threaten the promised windfall luring in global firms.
Starting with its insurance and futures markets, the Communist Party ruled nation will enact the most sweeping changes in decades to allow the likes of Goldman Sachs Group Inc., JPMorgan Chase & Co. and BlackRock Inc. to expand their footprint in China and compete for a slice of its growing wealth.