This article from Wall Street Journal written by Jing Yang and Dawn Limb
BlackRock Inc. has raised roughly $1 billion for the first-ever mutual fund solely run by a foreign firm that is allowed to sell to Chinese individuals.
The fundraising total, 6.68 billion yuan, marks a key milestone in U.S. and global asset managers’ yearslong quest for a bigger presence in the world’s second-largest economy.
China has long kept tight control of the financial industry and subject foreign money managers to a host of market access hurdles. But in early 2020, Beijing scrapped restrictions on U.S. asset managers selling mutual funds to individual investors, as part of a trade deal signed with Washington. BlackRock was the first firm given full approval to sell mutual funds of its own to Chinese individuals. It is so far the only foreign firm with that distinction.