JP Morgan Chase & Co and Morgan Stanley have received required approvals from China Securities Regulatory Commission (CSRC) to operate domestic securities businesses with local partners.

The approvals are the first for any US banks in China since Goldman Sachs Group received it in late 2004. But many European banks have forged partnerships, including UBS, Deutsche Bank and Credit Suisse Group, since then.

The approval will allow the two US banks to underwrite stocks and bonds in mainland China.

The approval allows JP Morgan to make its maiden entry into the Chinese securities market, while it’s a comeback for Morgan Stanley after it exited its previous joint venture with China International Capital Corp (CICC) last year.

JP Morgan Chase has selected Shenzhen-based brokerage First Capital Securities as its joint venture partner.

Morgan Stanley has partnered with Huaxin Securities to operate securities businesses in China.