JPMorgan Chase has been given a license to operate as a standalone asset management firm in China. The US bank said the Shanghai Industry and Commerce Administration granted a rare license which could diversify the business model for the company. The regulator has also given license to Aberdeen Asset Management and Fidelity Investments. China has seen its growth slow down the most in 25 years which had a ripple effect on the global economy. It is now looking to change its regulations to stop funds leaving the country. Earlier this year, it eased regulations on foreign investments in its bond market and also allowed global fund managers to buy stocks on Shanghai Stock Exchange indirectly.
