Such agreements show, its signers say, that China’s financial and wealth management sector wants to work more closely with Western counterparts and encourage more investment into the Asian giant at a time when China is trying to restructure its economy away from export-led growth.

The Alternative Investment Management Association, a global body representing groups such as the hedge fund and private equity industries, has agreed with a Chinese body on how to collaborate on areas such as education programmes and joint events. This is part of a trend of China’s opening up of its markets to foreign financial firms.

The body signed a memorandum of understanding with the Insurance Asset Management Association of China. The memorandum is the second of its kind that IAMAC has signed with a foreign association, following an agreement between IAMAC and the Institute and Faculty of Actuaries, the professional body for UK actuaries, in 2016.

In 2014, AIMA signed an MoU with the Asset Management Association of China, the self-regulatory organisation for Chinese fund managers, while the following year, AIMA opened an office in Shanghai. 

Such agreements show, its signers say, that China’s financial and wealth management sector wants to work more closely with Western counterparts and encourage more investment into the Asian giant at a time when China is trying to restructure its economy away from export-led growth. China has expanded its entry points for investors through developments such as the Hong Kong/Shanghai stock market linkup and wider quotas for foreign investment managers. 

“The insurance sector is of course an important source of capital for our fund manager members, both domestically and internationally, and we look forward to strengthening ties with the IAMAC and developing a constructive and collaborative relationship,” Kher Sheng Lee, managing director, co-Head of Asia-Pacific and deputy global head of government affairs at AIMA, said.