By Reuters Staff 2 Min Read SHANGHAI, Jan 28 (Reuters) - Allianz said on Thursday it had obtained regulatory approval to set up China’s first wholly foreign-owned insurance asset management company, as the German insurer steps up expansion in the world’s second-biggest economy. The greenlight from the China Banking and Insurance Regulatory Commission (CBIRC) comes a month after the signing of China-EU Investment Agreement, which promotes cooperation between China and the European Union. It also comes as China has fully opened up its giant financial sector, and is stepping up efforts to attract foreign investment amid tensions with the United States.