Since 2019, foreign-invested institutions are able to obtain type-A principal underwriting licenses in the interbank bond market, allowing them to act as the lead underwriter of all types of bonds. Previously, foreign-invested institutions were only eligible to acquire type-B principal underwriting licenses for underwriting panda bonds (i.e. reinminbi-denominated bonds issued by foreign entities). 
Since 2019, foreign-invested rating agencies are also able to give credit ratings to all types of bonds traded on China's interbank bond market and exchange-traded bond market. Since 2017, credit rating agencies no longer featured in the 'foreign investment negative list', but remained foreign-invested agencies remained prohibited from serving the bond market.
"In order to implement the decisions and arrangements of the CPC Central Committee and the State Council on further advancing opening-up, and according to the principle of taking actions "faster rather than slower and sooner rather than later", the following 11 measures for further opening up the financial sector are hereby released on the basis of thorough research and assessment:
1. Foreign-funded institutions will be permitted to conduct credit rating business on all types of bonds in China's inter-bank and exchange bond markets.
2. Overseas financial institutions will be encouraged to participate in the establishment of and equity investment in asset and wealth management subsidiaries of commercial banks.
3. Overseas asset management institutions will be permitted to co-establish foreign-controlled asset management companies together with subsidiaries of Chinese banks or insurers.
4. Overseas financial institutions will be permitted to invest in the establishment of or make equity investment in pension management companies.
5. Foreign capital will be supported in wholly-owned currency brokerage establishment and equity participation.
6. The transitional period for raising the foreign ownership cap on life insurers from 51 percent to 100 percent will be brought forward to 2020 from 2021.
7. The requirement that the total share of an insurance asset management company held by domestic insurers shall be no less than 75 percent will be removed, and the foreign ownership will be permitted to exceed 25 percent.
8. Entry conditions of foreign insurers will be eased by removing the requirement of over-30-year operation.
9. The removal of foreign ownership limits on securities, fund management and futures companies will be advanced by one year to 2020.
10. Foreign institutions will be permitted to obtain Type-A lead underwriting licenses in the inter-bank bond market.
11. China will further facilitate the investments of overseas institutions in the inter-bank bond market." (State Council's Office of Financial Stability and Development Committee (2019), "Measures for Further Opening Up the Financial Sector", 20 July 2019)
--------------------------
"1. Foreign-funded institutions will be permitted to conduct credit rating business on all types of bonds in China's inter-bank and exchange bond markets.
It is a pivotal measure of China to open up its financial market through promoting the opening-up of the credit rating market and supporting foreign credit rating agencies' entry into China's inter-bank and exchange bond markets as well as their conduction of credit rating on all types of bonds. Credit rating is an important fundamental institutional arrangement of the financial market. As the internationalization of China's financial market speeds up, introducing international credit rating agencies (CRAs) to China's credit rating market will help satisfy diversified demands of international investors and improve the rating quality of China's credit rating industry, thus benefiting the regulated and healthy development of China's financial market.
Over the past several years, the PBC and the China Securities Regulatory Commission (CSRC) along with other relevant departments have been pushing for the steady opening-up of credit rating services. In July 2017, the PBC issued an announcement on issues concerning the opening-up of the credit rating industry (Announcement No. 7 [2017] of the PBC), declaring to open the inter-bank bond market to foreign CRAs. Meanwhile, as China forges ahead with the opening-up of its credit rating industry, wholly-owned companies or subsidiaries controlled by overseas CRAs in China may apply to the CSRC for providing credit rating services in the domestic securities market according to the Securities Law of the People's Republic of China, the Company Law of the People' s Republic of China, the Administrative License Law of the People's Republic of China and the Interim Measures for Administration of Credit Rating Business on the Securities Market. In March 2018, the National Association of Financial Market Institutional Investors (NAFMII) released supporting rules to specify procedures and requirements in terms of the registration evaluation of such agencies. Foreign-funded CRAs may apply for credit rating businesses in relation to corresponding bonds and submit documents for registration evaluation. Those who have passed registration evaluation are permitted to provide credit rating services in the approved categories. On September 4, 2018, the Announcement of the People's Bank of China and the China Securities Regulatory Commission on Issues Concerning the Provision of Bond Rating Services by Credit Rating Agencies on the Inter-bank Bond Market and the Stock Exchange Bond Market (Announcement No. 14 [2018] of the PBC and the CSRC) was released. It is stipulated that the PBC, the CSRC and the NAFMII would work together on the review of the qualification or registration procedures of CRAs, with a green channel set up for mutual accreditation of qualifications for CRAs that have been in operation in the inter-bank or exchange bond market. On January 28, 2019, S&P Ratings (China) Co., Ltd. was authorized to provide a full spectrum of credit rating services in China's inter-bank bond market, including credit rating in relation to bonds issued by financial institutions, debt financing instruments for non-financial institutions, structured products and bonds issued by foreign entities in China's inter-bank bond market.
Going forward, the PBC and the CSRC will advance the opening-up of the credit rating sector, continuously expand the rating scope of foreign CRAs, permit more qualified foreign CRAs to conduct all kinds of credit rating businesses in China's inter-bank and exchange bond markets, push for a higher level of openness in the financial sector and promote the regulated and healthy development of China's financial market.
2. Foreign institutions will be permitted to obtain Type-A lead underwriting licenses in the inter-bank bond market.
In recent years, the opening-up of China's bond market has been gathering speed with growing overseas issuers, boosting investment by overseas investors and increasing number of foreign-funded intermediary institutions. At present, six foreign-funded banks have obtained Type-B lead underwriting or underwriting licenses for debt financing instruments of non-financial enterprises.
In order to implement the decisions and arrangements of the CPC Central Committee and the State Council on promoting a new configuration of all-round opening-up and beefing up the opening-up in financial service sector, the PBC has guided the NAFMII to study expansion of business scope of foreign-funded banks. After market evaluation, eligible foreign banks will be granted Type-A lead underwriting licenses, which permits them to expand business from debt financing instruments of overseas non-financial enterprises to all categories of debt financing instruments. Meanwhile, given that overseas parent companies of foreign-funded banks are interconnected in business with their subsidiaries in China, we will enhance examination on parent companies in terms of rules. The measure is going through procedures and will be released in the near future.
Permitting foreign banks to conduct Type-A lead underwriting business will enhance foreign institutions' capacity to serve China's real economy, enable them to participate in China's economic growth in a wider and deeper manner and push forward the supply-side structural reform in the financial sector. It will also bring in more overseas investment to finance domestic enterprises through bond issuance, thus facilitating the financing and cost cut of the real economy, and easing difficulties in and high costs of financing. Meanwhile, it will bolster the sharing of achievements and opportunities of China's economic growth with the international community, promote economic globalization, and achieve mutual benefits and win-win results. [...]" (PBC (2019), "PBC Official Interprets Measures for Further Opening Up the Financial Sector", 24 July 2019.)
State Council's Office of Financial Stability and Development Committee (2019), "Measures for Further Opening Up the Financial Sector", 20 July 2019
PBC (2019), "PBC Official Interprets Measures for Further Opening Up the Financial Sector", 24 July 2019.
[<a href="https://english.www.gov.cn/services/investment/202102/24/content_WS6035aa9fc6d0719374af960c.html">Measures</a>],[<a href="http://www.pbc.gov.cn/en/3688241/3688636/3688660/3864659/index.html">PBC</a>]