China has approved two more insurance units to be set up by BNP Paribas and Prudential Financial in a move to further open up the local insurance market to foreign companies. China's National Financial Regulatory Administration (NFRA) has approved the creation of a joint venture between BNP Paribas and Volkswagen Financial Service,

China approved the establishment of two new insurance units, BNP Paribas and Prudential Financial as a part of the country's

BNP Paribas and Prudential Financial have secured approval from China's National Financial Regulatory Administration (NFRA) to set up separate insurance ventures. The head of NFRA, Li Yunze, announced the approvals at a financial forum in Beijing,