BlackRock to enter Chinese market with new mutual fund

BlackRock Inc. (NYSE: BLK) has plenty of reasons to celebrate as the global investment firm giant was granted approval to start selling products Chinese individuals, The Wall Street Journal reported. Milestone achievement The China Securities Regulatory Commission confirmed the New York City-based BlackRock can establish its own wholly-owned mutual fund business based in Shanghai, China, according to WSJ. The milestone implies BlackRock is among the select few in the world that can manage assets for Chinese citizens.  China’s willingness to open up to foreign asset managers only started in 2020 when it scrapped laws preventing foreign asset managers to even