After the China Banking and Insurance Regulatory Commission announced 12 measures to open up China’s banking and insurance industry in May, the Financial Stability and Development Committee under the State Council announced an additional 11 new measures designed to further open up China’s financial sector to foreign investment on 20 July 2019. Then on 11 October 2019, the China Securities Regulatory Commission announced an acceleration of the timetable for full liberalisation of the fund management, securities and futures sectors to foreign investment. These policies, when read together, should substantially open up (among others) China’s bond underwriting market, insurance sector, fund management, securities and wealth/asset management industries, allowing foreign investors to tap into a trillion-dollar market and compete with their domestic counterparts on a more level playing field. This note will help you identify and evaluate what new opportunities are created by the new liberalisation measures and to understand why China is seeking to take these steps now, against a background of largely unresolved trade tensions with the United States.