Banks move to extend services
1 August 2002
China's banking and securities regulators have approved the Industrial and Commercial Bank of China to sell closed-end mutual funds through its 28,300 outlets nationwide. ICBC and the Bank of Communications have already been given permission to sell open-end mutual funds.
China's Commercial Bank Law of 1995 prohibits banks from running different kinds of services under one roof, but industry regulators are relaxing restrictions to allow banks to find ways to compete with foreign rivals, which are entering the country after China's accession to the World Trade Organisation.
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