BlackRock has become the first global asset manager to receive approval from the China Securities Regulatory Commission to start a wholly owned onshore mutual fund business in the country.
In a statement issued today (11 June), BlackRock revealed that it has won the licence to start selling onshore investment products and solutions to Chinese investors.
BlackRock chairman and chief executive officer Larry Fink said: "China is taking significant steps in opening up its financial markets.
We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors."
"We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors."
Susan Chan, BlackRock's head of Asia added: "Rapid economic development and wealth accumulation in the world's second largest economy have propelled growth of the domestic asset management industry."
She also said that BlackRock was keen to help make investing "easier and more affordable" in China.
The approval comes a month after BlackRock gained approval for a joint venture asset management business with China Construction Bank Corp and Singapore's Temasek.
Other asset managers including Fidelity International and Neuberger Berman which are still waiting for licences to run their wholly owned businesses in China.
Vanguard Group dropped plans in March for a wholly owned mutual fund license.