Goldman Sachs Obtains Fund Distribution License in China

Goldman Sachs has received a fund sales license from the Beijing office of the China Securities Regulatory Commission (CSRC). This is considered a significant step for the U.S. investment bank in the Chinese market. The license granted to the bank's China securities brokerage unit on Friday allows Goldman Sachs to engage in fund sales in China, reflecting ongoing efforts to open up the country's financial sector to foreign institutions.

This development follows statements from top economic and financial officials in China expressing continued support for the expansion of international companies in the country. The CSRC's move is seen as a sign of Beijing's determination on this matter.

The granting of the license to Goldman Sachs comes after the CSRC provided a futures trading license to another prominent U.S. investment bank, Morgan Stanley (NYSE:MS), last month. These licenses serve as evidence of the increasing opportunities in China's expansive market for foreign financial institutions.