10 Nov 2022

Hong Kong officials are studying an insurance connect program for GBA

GBA regulators have long sought to make Hong Kong insurance products available on the mainland. Once major purchasers of Hong Kong insurance products, mainland customers have been largely unable to travel to the city to buy insurance due to stringent COVID-19-related border restrictions.


09 Nov 2022

CSRC vice chairman says China will continue to open capital markets to foreign participation

Fang is right that financial opening has ticked up in recent years – and regulators do indeed want it to continue. However, the nature of that opening has been gradually shifting.


09 Nov 2022

CBIRC releases rules to strengthen oversight of corporate group finance companies

Corporate groups are large, complex organizations. The opacity of both their ownership structures and internal oversight procedures has made their finance companies prime breeding grounds for corruption and risky practices, including irregular lending outside of the group. These rules are lengthy, comprehensive, and specific – the CBIRC means business with this document, which seeks to standardize, improve transparency, and improve regulation of internal financial services within large organizations.


09 Nov 2022

Multiple regulators issue notices on private pension system rollout

Confirmation is information – there may be nothing new here, but that means Beijing is pleased with where things are headed vis-à-vis the rollout. It’s also clear – and good news – that the various regulators involved in this massive project are coordinated and on the same page – never a given in Beijing’s financial regulatory apparatus.


05 Nov 2022

Finance ministry encourages Shenzhen to take the lead in tax reform

China’s fiscal and taxation systems are in dire need of an overhaul and the top leadership knows it, although it’s been reluctant to tackle the problems in a serious way. The shortcomings of the current fiscal system, which emerged after the reforms of 1994, have left local authorities shouldering most of the fiscal burden without the necessary fiscal income.


03 Nov 2022

CBIRC implements new business classification rules for trust companies

The updated trust business classification system is part of a broader government strategy to de-risk the financial sector. Since a wave of high-profile scandals involving…


02 Nov 2022

PBoC Governor Yi Gang sets out long financial “to-do” list

There are no big surprises here. The PBoC’s message is that, during Xi’s third term, we can expect much more of the same.


28 Oct 2022

October foreign financial institution approvals and specific financial opening developments

Sun Life/Manulife; BlackRock; Prudential Financial; BNP Paribas; Goldman Sachs


27 Oct 2022

Shanghai Stock Exchange launches 13 indices to encourage funding for tech development

Beijing sees tech innovation as an engine of growth as policymakers increasingly focus on the quality of economic growth rather than quantity. Developing the domestic capital markets will be key to…


27 Oct 2022

Shenzhen Stock Exchange allows companies with Hong Kong primary listing to join Stock Connect

These changes will make converting primary listings to Hong Kong more attractive as inclusion into the Stock Connect offers access to mainland investors, especially…


27 Oct 2022

Hong Kong Chief Executive highlights importance of Hong Kong-mainland integration

Lee’s speech highlights a reality that has become increasingly clear in recent months, namely, that Hong Kong policymakers increasingly see integration with mainland policy goals as…


26 Oct 2022

PBoC, SAFE increase macroprudential adjustment parameter in attempt to slow RMB depreciation

With the RMB trading against the dollar at levels last seen in 2008, it seems clear that this move is about slowing the yuan’s decline – though it’s not clear whether raising the MAP will have the desired effect. With US rates so high, China’s banks may be reluctant to borrow dollars.


26 Oct 2022

PBoC, SAFE share their takeaways from Party Congress

While that last point is incredibly vague, it hints that the regulators are likely considering new measures to bolster developers through the stock and bond markets. We also suspect the authorities will look to further streamline and consolidate China’s byzantine bond market.


26 Oct 2022

CSRC stresses importance of developing capital markets in Party Congress reflections

The CSRC is going to be very busy during Xi’s third term. Beijing has major plans to steer more of the country’s savings into domestic capital markets, and, in doing this, to fund the policy-priority sectors that will help drive the next phase of China’s growth – areas such as green energy and advanced manufacturing.


25 Oct 2022

Shenzhen issues the most detailed environmental information disclosure requirements for financial institutions yet

Shenzhen’s guidelines provide an unprecedented degree of specificity that builds on the Guidelines for Financial Institutions’ Environmental Information Disclosure, signaling the implementation of China’s environmental and green finance information disclosure system after putting in place uniform standards across the financial sector last year.


24 Oct 2022

CBIRC measures to streamline administrative approvals for domestic lenders go into effect

These changes are part of the broader fangguanfu campaign – spearheaded by Premier Li Keqiang – that roughly translates to…


21 Oct 2022

Major banks and insurers release statements in support of Beijing’s policies

The financial sector is falling over itself to support government policies, particularly in light of the Party Congress. That push, plus the…


20 Oct 2022

UBS becomes first foreign firm to trade Chinese commodity futures under QFII scheme

China has the world’s biggest commodities futures markets, but their insularity means they only have limited relevance to global commodities pricing. Increasing the relevance of Chinese commodity markets is…


13 Oct 2022

Shanghai Stock Exchange names new Party secretary

Qiu’s views on financial markets appear to align closely with Beijing’s broader ambitions – including the many initiatives currently underway. Both increased regulatory supervision and…


12 Oct 2022

PBoC releases exchange rate management report

Beijing is confident in its exchange rate policy. This report signals that the tried-and-true mix of light-touch intervention and “reasonable” market fluctuations is here to stay.


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