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NEW YORK: Goldman Sachs said Tuesday it won preliminary approval from Chinese regulators for a wealth management joint venture to serve customers in China. The venture, owned 51 percent by Goldman's asset management division and 49 percent by a subsidiary of the state-owned Industrial and Commercial Bank of China, aims to serve some of the estimated $70 trillion in investible assets expected at Chinese households by 2030, Goldman said in a news release.

The announcement marks the latest sign of increased openness by Beijing to participation by foreign financial heavyweights. JPMorgan Chase was authorized in December 2019 for a majority holding in a trading joint-venture in China, followed a few months later by similar announcements from Goldman and Morgan Stanley.

Asset management giant BlackRock received approval in early May for a venture with China Construction Bank and Singapore sovereign wealth fund Temasek, The Wall Street Journal reported.

"China's wealth management industry has grown on the back of increased household wealth and continued financial market reform," said Tuan Lam, head of client business for Asia Pacific ex-Japan at Goldman Sachs Asset Management.

"This joint venture with China's preeminent financial institution will accelerate our objective of establishing a leadership position in one of the world's largest, fastest-growing wealth management opportunities."

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