China approved a joint venture between BlackRock, Temasek, and CCB

China approved the creation of a joint venture asset management venture between US asset manager BlackRock Inc., Singaporean government investor Temasek Holdings (Pte) Ltd and China Construction Bank Corp (CCB).

The deal is that the Chinese government is seeking to open its financial market to foreign companies, offering potentially rich rewards to international fund managers and others in the broader financial sector.

Global financial players have long sought to increase their presence in China’s relatively fast-growing economy. Two months later, France-based Amundi, Europe’s largest asset manager, and Bank of China Wealth Management received Chinese regulatory approval for the joint venture, and banks including UBS and JPMorgan Chase were approved for the Chinese majority ventures.

But the Chinese industry continues to be dominated by domestic state-owned companies, and China has yet to open up some of the more sensitive areas of its financial industry, according to The Globe and Mail.