With China opening up its financial markets faster than expected, the biggest U.S. bank (in terms of total assets) JPMorgan JPM now intends to get approval for full ownership of all its mainland China operations by next year. This was stated by Mark Leung, the CEO of China businesses in an interview with the South China Morning Post in Hong Kong.This is part of JPMorgan’s a four-year investment plan in China, which was announced last year. Also, the bank will be celebrating 100 years of China operations in 2021.Leung said, “Once these entities are built, they provide the foundation for us to build a very cohesive and competitive offering.”Earlier in December 2019, JPMorgan received regulatory approval to set up a majority-owned securities joint venture (JV) in China. The bank will set up a new unit in the country, which will offer brokerage, investment advisory, underwriting and sponsorship services.Further, in August 2019, JPMorgan won a 2% stake to gain controlling interest in its China fund management JV — China International Fund Management — in an auction at the Shanghai United Assets and Equity Exchange. However, the deal is subject to regulatory approval.This strategic expansion plan will boost JPMorgan’s revenues and improve market share.Shares of this Zacks Rank #2 (Buy) company have rallied 30.2% over the past year, outperforming the industry’s rise of 15.7%.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Apart from JPMorgan, several other global financial institutions are seeking gain from the opening up of the world’s second largest economy. Firms like UBS Group UBS, Nomura Holdings, Goldman Sachs GS, American Express AXP, BlackRock and Morgan Stanley have already received or applied for majority stake in their respective JVs.Breakout Biotech Stocks with Triple-Digit Profit PotentialThe biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report American Express Company (AXP): Free Stock Analysis Report UBS Group AG (UBS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research