Chinese regulators approved Goldman Sachs Group’s application to take full ownership of a key local unit, another step in China’s gradual opening of its financial system to major players from the US and elsewhere.

Goldman in December 2020 sought approval to increase its stake in a domestic Chinese business that it has co-owned since 2004. The New York-based bank said Sunday that China’s financial markets regulator, the China Securities Regulatory Commission, had given its assent.