Goldman Sachs has won approval to take full ownership of a joint venture in China, enabling the Wall Street firm to expand its operations in the country at a time when Beijing has made moves to open up its financial sector.

The go-ahead from the China Securities Regulatory Commission for Goldman Sachs to buy out Beijing Gao Hua Securities, its local partner, comes as Beijing tries to make good on a pledge it made in 2017 to allow foreign investment banks to fully own their China operations.

“This marks the start of a new chapter for our China business following a successful 17-year joint venture,” Goldman Sachs said in a memo on Sunday, adding that the approval would allow the investment bank to “position our firm for long-term growth and success in this market.”

Goldman Sachs reached a deal to buy a remaining 49 percent stake in Goldman Sachs Gao Hua from its Chinese partner in December. The price was not disclosed. The company will be renamed Goldman Sachs China Securities Company.

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