Morgan Stanley and JPMorgan both have been approved by Chinese regulators to form respective joint ventures, which will, in turn, give them an entry into China’s securities markets, according to reports.

This will mark JPMorgan’s first foray into China as it teams up with First Capital Securities of Shenzhen for a 33% stake in their venture, according to a news posting on JPMorgan’s website. For Morgan Stanley, this is the second push into China. It had formed a joint venture with CICC in the 1990s, but recently sold that stake. This time, it will team up with Huaxin Securities Co. Ltd. and will also take a 33% stake, according to press reports.

Investment banks are eager to stake out a claim in China because of its astounding economic growth. (Its annual growth rate has been at least 8% each year for the past decade). It was on track last summer to surpass Japan in 2010 to become the second-largest economy in the world. Indeed, its sheer size, and its growth, has turned it into one of the most important factors in the global economy over the past decade. For IPOs in China, total proceeds last year were $69.5 billion, according to a Reuters article.

Neither Morgan Stanley or JPMorgan could be reached by press time.