A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province, July 23, 2018. [Photo/IC]

China has decided to further open up its insurance and banking sectors to foreign investors by revising related regulations.

Revisions to the regulations on foreign-invested insurance and banking firms have been authorized by the State Council, a statement said Tuesday.

The revisions include improving the supervision of foreign banks' local branches and lifting previous restrictions on company establishment, shareholder status and business expansion.

China has stepped up efforts in easing financial market access for foreign investors in recent years.