Shanghai Daily news

Prudential Plc, the No. 2 insurer in the United Kingdom, has gained regulatory approval to set up a fund management venture with a Chinese government's investment unit to tap a US$55 billion fund industry.
The London-based insurer and China International Trust & Investment Corp will each hold a third of the 100-million-yuan (US$12.3 million) venture based in Shanghai.
China-Singapore Suzhou Industrial Park Venture Company and Suzhou New District Economic Development Group are likely to hold the remaining interest.
"Our new fund management operation underlines our continued commitment, not only to our very successful partnership with CITIC, but also to the rapidly-growing Chinese financial services market," Mark Norbom, head of Prudential Asia, said in a statement.
China's central government wants more institutional participation in its fledging fund sector by letting overseas investors and domestic banks in gradually.
Prudential has a Chinese life insurance venture with CITIC, which in July got licenses to operate in Nanjing, Jiangsu Province, and Shezhen in Guangdong Province.
The approval allowed the British insurer to sell policies in 10 cities, the most among Sino-foreign insurance companies.