As Beijing speeds up the opening of the $3.5 trillion mutual fund market, BlackRock has become the first foreign asset management to be allowed to start a wholly-owned onshore mutual fund operation in China.

The China Securities Regulatory Commission (CSRC) granted BlackRock’s Chinese fund management unit license to begin operations on Friday.

In a statement, BlackRock Chairman and Chief Executive Officer Larry Fink stated, “China is taking major moves toward opening up its financial markets.”

“We look forward to sharing our worldwide investment knowledge with Chinese investors and providing more distinctive investment alternatives.”

China scrapped foreign ownership caps in its mutual fund and securities sectors last April as part of an interim Sino-U.S. trade deal.

Several other global asset managers, including Fidelity International, Neuberger Berman and Schroders, have also applied to set up wholly-owned mutual fund business in China.

BlackRock made the announcement a month after receiving a license in China for a majority-owned wealth management firm. In addition, the US fund behemoth owns a minority position in a joint venture with Bank of China in the form of a mutual fund.

According to BlackRock, the regulatory licenses allow it to expand the range of its products and services, as well as investment insights, to all customer categories in China.

In a statement, Susan Chan, BlackRock’s president of Asia, stated, “Rapid economic expansion and wealth accumulation in the world’s second largest economy have fueled growth of the local asset management business.”

“We are pleased to contribute to making investment in China easier and more cheap,” says the company.