A view of German insurer Allianz's office building in Berlin, Germany. File photo: VCG

German financial services group Allianz's wholly owned public fund manager in China is actively expanding its businesses in the Chinese mainland, as official information showed that the company has filed applications for two public fund products with China's top securities regulator.

Analysts said foreign financial institutions' expanding presence in China reflects their recognition of the nation's continuous financial opening-up and their confidence in the prospects of the world's second-largest economy. They said the Chinese economy is on the right track of recovery amid pro-growth macro-policies, which - along with the country's high-level opening-up - will create more opportunities for the world.

According to information disclosed by the China Securities Regulatory Commission (CSRC), Allianz Global Investors filed applications for regulatory approval of two public funds. This signifies that the fund manager is starting to expand by launching products in the mainland, since it obtained the approval from the CSRC to operate as a wholly foreign-owned public fund management company in the mainland in April. 

As of Wednesday, a total of nine wholly foreign-funded public fund management firms had been set up and started business in China, while 35 wholly foreign-funded public fund products have been established so far this year, domestic news site the Securities Daily reported.

"Given the scale of the Chinese economy, we see great opportunities in China's private equity market. That is why we launched our Golden Horizon Platform with China Investment Corp," Hazem Ben-Gacem, CEO of InvestCorp, the largest non-sovereign wealth fund private equity platform in the Middle East, told the Global Times.

In the past 10 years, we have seen an increased corridor between the Gulf Cooperation Council (GCC) and China, one where businesses from both geographies can benefit. We see potential in China and the GCC in a variety of sectors including healthcare, consumer products, technology and business services, Ben-Gacem said.

Global confidence in stable growth in China's economy is unchanged, as some international organizations and multinational banks have projected 5 percent GDP growth in China in 2024, thanks to remarkable performances in areas such as exports, even as many major economies and the global economy as a whole face serious downward pressure.

DBS, a multinational bank, said on Monday that the bank maintains its forecast of around 5 percent growth for the Chinese economy in 2024.

Analysts from the bank said mild inflation in China leaves room for rate cuts, noting that they anticipate the Chinese central bank will cut the reserve requirement ratio and medium-term lending facility as early as the third quarter.

"China is a vast market where there are many opportunities for foreign enterprises. In addition, we are actively boosting opening-up and improving the business environment, creating a sincere and comprehensive opening-up environment for foreign capital," Chen Fengying, an economist and former director of the Institute of World Economic Studies at the China Institutes of Contemporary International Relations, told the Global Times on Thursday.

The South China Morning Post reported on Tuesday that a group of top executives of heavyweight US companies, including Goldman Sachs, Starbucks Corp, Nike Inc and Qualcomm Inc, will visit Beijing next week following the conclusion of the third plenary session of the 20th Central Committee of the Communist Party of China to get firsthand insights.

Chen said that China's sound economic recovery momentum is set to continue amid targeted policies and reviving social confidence. The action plan to initiate large-scale equipment upgrades and trade-ins of consumer goods will further drive up investment and domestic demand, Chen said.

She said that China's contribution to global economic growth will likely continue to be about 30 percent in 2024, making a greater contribution to the global economy.