Goldman Sachs (NYSE:GS) has obtained a fund sales license from the Beijing Bureau of China Securities Regulatory Commission (CSRC), marking a significant step for the U.S. investment bank in the Chinese market. The license, granted to the bank's Chinese securities brokerage unit on Friday, allows Goldman Sachs to sell funds in China, reflecting the country's ongoing efforts to open its financial sector to foreign entities.
This development follows statements from China's top economic and financial authorities, expressing ongoing support for the expansion of international companies within China. The move by the Beijing Bureau of the CSRC is indicative of Beijing's commitment to this cause.
The granting of the license to Goldman Sachs comes on the heels of the CSRC awarding a futures license to Morgan Stanley (NYSE:MS), another leading U.S. investment bank, last month. These licenses are a testament to the increasing opportunities for foreign financial institutions in China's vast market.
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