December foreign financial institutional approvals and specific financial opening developments
Allianz GI; Fubon Bank
Private pension system rolled out nationwide
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CEWC indicates fiscal reform will be accelerated next year
China’s internal fiscal imbalances have increasingly become a major barrier to sustainable economic growth, akin to uneven foundations that limit the structural stability of an economy. Addressing these imbalances could…
CEWC promises fiscal expansion in 2025
Beijing’s stimulus efforts over the last few months have underwhelmed. Now, however, it looks as though authorities are finally set to…
CEWC signals looser monetary policy in 2025
Monetary policy loosening did little to boost economic growth in 2024, because interest rate cuts were too small to offset deep producer price inflation. We expect…
CEWC signals ramped up economic support in 2025
Beijing’s failure to address insufficient domestic demand since the 2023 CEWC does not inspire confidence. Still, concrete signaling that authorities intend to…
China to launch national elder care insurance scheme
The new funding scheme will provide significant relief for working-age individuals from single-child families, who often bear the sole responsibility of caring for both parents without support from siblings. By alleviating the financial and caregiving burdens…
Politburo signals more aggressive stimulus in 2025
With this meeting, the Politburo has set the overarching macro-policy tone for next year – and the plan is to offer…
Insurance companies raise VC funds
To make insurance companies more comfortable with venture investing, regulators must fully reopen the IPO pipeline, to give VCs clearer exit options. While there have been recent signs of…
Financial regulator tightens property and casualty insurance risk monitoring
The NFRA’s new directives for P&C insurers are straightforward – and regulators’ overarching message is simply that insurers should…
Beijing announces price advantage for made-in-China products in government procurement
Foreign companies with significant local manufacturing presence and domestically sourced supply chains should have no problems meeting the new requirements. However…
PBoC increases use of outright reverse repos in medium-term monetary policy shift
The new reverse repos will help the PBoC transmit short-term interest rate changes across the medium-term yield curve – something the MLF cannot do. We expect…
Central SOEs set to take a greater role in facilitating stimulus spending
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Regulators clamp down on direct insurance companies’ use of “accounting reinsurance”
The stricter regulations on accounting reinsurance will pressure distressed insurers to explore costlier but regulatory-compliant financing tools…
NFRA issues measures expanding AMCs’ role in dealing with bad loans
Under the measures, AMCs can purchase assets that banks haven’t formally classified as nonperforming. We assume that these loans should be categorized as such, but banks are reluctant to do so due to…
China Investment Corporation appoints new Party secretary
On November 13, Zhang Qingsong, 59, was appointed Party Secretary of China Investment Corporation Ltd. (CIC), China’s sovereign wealth fund…
PBoC Governor Pan Gongsheng promises supportive, countercyclical monetary policy
Pan’s report is a timely reminder that China’s monetary policy has entered a new era. For years, the PBoC was reluctant to cut rates…
Finance Minister Lan Fo’an says more substantial fiscal stimulus is set to come in 2025
It’s hard to gauge Beijing’s exact level of concern about the economy. On one hand, officials are signaling that…
MoF announces RMB 10 trillion local government debt relief scheme
The new debt swap scheme will reduce the likelihood of LGFV defaults by allowing local governments to swap high-interest implicit debts for lower-interest official debts. However…