29 Mar 2022

Government Work Report, NDRC Report highlight plans for continued financial opening

The policy documents that emerged from the Two Sessions reiterate China’s steady and measured commitment to further economic and financial opening. As always, foreign investment into strategic industries and into relatively poorer parts of the country will receive an especially warm welcome as China tries to bolster its domestic competitiveness and address inequality…

29 Mar 2022

Guangdong government outlines key tasks for GBA in 2022

Once again, policymakers have left us with an ambitious outline detailing GBA development but with relatively few details on implementation…

29 Mar 2022

China Banking Association issues proposal to improve financial literacy among consumers

In recent years, much of the work carried out by financial regulators has involved stamping out deceptive practices among financial institutions which prey on the relatively low level of financial literacy among Chinese consumers…

28 Mar 2022

March foreign financial institution approvals and specific financial opening developments

On February 21, Schroders announced that it had received permission from Chinese regulators to set up a majority-owned wealth management joint venture with state-owned Bank of Communications.

28 Mar 2022

Multiple Chinese companies look to raise cash in Switzerland

As the US – by far the world’s largest equity market – becomes less friendly to mainland companies, Chinese firms will get creative on how they raise cash in global markets. There will be an increase in private funding as well as upticks in capital raising in peripheral global markets, like those in Europe and Singapore…

24 Mar 2022

CBIRC issues statement warning consumers on how they use credit

This issue is likely to become more important in coming years. The elderly are often the most vulnerable to these sort of scams, and China’s rapidly aging population…

24 Mar 2022

China’s stock exchanges issue further fee reductions

Given that the Shenzhen exchange has extended its fee cuts to the whole country – from originally just Tianjin, Henan, and Shaanxi – there’s a good chance both the Shanghai and Beijing exchanges will follow suit at some point this year…

23 Mar 2022

FSDC meeting stems market turmoil, leaders promise policy consistency

The FSDC is doing what it can to stop the stock market slide, and thus far its actions have been largely successful. However, there is a substantial difference between short-term rhetoric aimed at stabilizing markets and the longer-term reforms necessary to bring these pledges to fruition…

22 Mar 2022

CBIRC to tell pension insurance firms to clean up risky, short maturity products

The regulation essentially asks for pension insurers to return to their roots: providing vanilla retirement savings products. For now, regulators’ objection to personal pension guarantee management products seems to mainly be about their short maturity rather than how they’re invested…

18 Mar 2022

CBIRC releases implementation rules covering reserves of non-life insurers

As China’s insurance sector continues to grow, developing a robust framework for ensuring companies have sufficient reserves will be crucial to overall financial stability. An insurer’s failure to meet payouts on the policies it has underwritten could have severe knock-on effects throughout the financial sector and could damage consumer confidence in insurance more broadly…

18 Mar 2022

China Everbright appoints new chairman

On March 4, financial media reported that Wang Jiang, president of China Construction Bank Corp. (CCB), had been tapped to serve as chairman of China Everbright Group Ltd…

18 Mar 2022

CBIRC issues measures on agricultural insurance underwriting and claims settlement

China’s leadership is obsessed with food security as well as with rural revitalization and increasing farmers’ incomes. Developing robust agricultural insurance is an obvious (and World Trade Organization compliant) way to help farmers, insulating them from both bad harvests and market volatility…

17 Mar 2022

NPC work reports show derisking and financial sector development remain priorities

The twin goals of derisking and continued financial sector development are interconnected. Cracking down on shadow finance and reducing local governments’ reliance on debt-fueled growth have been major policy pillars of Xi Jinping’s second five-year term (2017-2022)…

17 Mar 2022

CBIRC chairman highlights accomplishments, outlines priorities for China’s financial sector

Faced with slowing economic growth and sluggish consumption, the Party has set stimulating investment and consumption as key policy goals for this year to support economic growth. Ministries, regulators and other government agencies are tasked with ensuring they align their work with those objectives which were detailed in the Government Work Report presented by Premier Li Keqiang to the National People’s Congress earlier in March…

04 Mar 2022

CBIRC expands private pension pilot programs

Faced with a looming shortfall in the state pension system, Chinese policymakers have, over the past few years, been making a concerted drive to develop the private pension market to encourage people to save for their old age. The expansion of these pilot programs has taken place within a few months of their launch…

22 Feb 2022

Macau adopts urban master plan for 2020-2040

Like most high-level GBA policy plans, Macau’s urban work plan is heavy on aspirations and light on specifics. It will remain for lower-level government bureaus to determine how exactly it will be implemented…

18 Feb 2022

PBoC, regulators issue Five-Year Plan to develop standards for the financial system

Chinese policymakers have for years talked about building a modern economy, and improving the financial system is a core part of that long-term project. China’s financial system is certainly large – the country has some of the world’s largest banks, and one of the biggest bond markets and stock markets – but it’s far from efficient or modern, and officials often speak of the need to move from a “large” financial system to a “strong” and “modern” one…

17 Feb 2022

CBIRC releases guiding opinions on digital transformation of financial sector

Building a digital economy has long been one of the Party’s priorities and digital transformation of the financial sector is part of that strategy. The guiding opinions, as is usual for this kind of document, offer broad principles and strategies, and more detailed regulations or orders will follow at a later date if necessary…

16 Feb 2022

PBoC releases Q4 monetary policy report

The forward-looking elements of the report point at the central bank’s oft-stated desire to avoid large scale stimulus in favor of more targeted measures to specific segments of the economy, such as small businesses, agriculture, green projects, and rural areas…

14 Feb 2022

Nine more banks approved for GBA Wealth Management Connect

Officially launched in September 2021, the WMC allows individuals living in nine cities in the mainland section of the GBA, to invest in approved wealth management products marketed and sold in Hong Kong and Macau and vice-versa…

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