19 Jan 2022

Seven regulators propose draft measures to clean up online financial marketing

Financial literacy in China remains relatively undeveloped. Issues stemming from a lack of financial education will only grow as more citizens move their money away from traditional sources of capital return – such as real estate and bank deposits – and toward the more sophisticated, and risky, capital markets…


19 Jan 2022

PBoC cuts MLF rate

This MLF cut is more or less in line with what the PBoC has been signaling for much of the past year: the central bank will offer supportive monetary policy at the margins, targeted to meet the needs of specific sectors or the needs of a specific time period – as opposed to large-scale, indefinite stimulus…


18 Jan 2022

Anti-corruption Agency investigates China Life chairman

The CCDI’s focus on the financial sector is part of Xi Jinping’s campaign to contain financial risks and also part of his sweeping anti-corruption campaign. In recent years, regulators have made a special effort to root out the dodgy dealings that have long been a fixture of China’s fast-developing financial system…


18 Jan 2022

CBIRC convenes symposium on high-quality development of the insurance sector

There is nothing particularly new or groundbreaking in the priorities listed by the symposium. The CBIRC wants to see the insurance sector mature into a major engine of the financial system and to provide additional stability to shore up China’s economic development more broadly…


14 Jan 2022

CSRC, NDRC issue draft rules to regulate overseas IPOs

The CSRC and NDRC regulations are part of a broader effort by regulators, including the Cyberspace Administration of China, to provide some much-needed clarity on the requirements for domestic companies wanting to list overseas…


14 Jan 2022

PBoC issues draft measures to support RMB-denominated cross-border ecommerce

China’s cross-border ecommerce has grown massively in recent years – official data show that from 2016-2019 the compound annual growth rate was 55.1% and in 2020 trade amounted to 1.69 trillion yuan, an increase of 31% on 2019. But that’s still a drop in the ocean compared with traditional cross-border trade so it still needs supportive policies to cut red tape and make the settlement of trade easier…


14 Jan 2022

SAFE to relax rules on cross-border trade and investment

SAFE continues its never-ending quest to open up cross-border investment while keeping a lid on risk. If SAFE can make life easier for companies by better facilitating international trade and granting them a bit of leeway in forex management, that will go some way toward helping Beijing’s financial opening strategy, but as ever, gradual, is the operative word…


14 Jan 2022

Central bank launches digital yuan app on domestic app stores

The public are clearly curious about the central bank digital currency, but the real question is whether that interest will stick. Despite all the media hype, we still haven’t seen evidence that the e-CNY offers a strong incentive for consumers to switch away from WeChat Pay and Alipay, which together account for more than 95% of China’s mobile payment market…


14 Jan 2022

SAFE lays out priorities for 2022

SAFE’s 2022 priorities are similar to its 2021 list apart from a new emphasis on “external shocks,” which we think refers to expectations of increased volatility on forex markets in 2022. The US Federal Reserve has flagged its intention to raise interest rates this year to combat inflation, which could roil global asset prices and the forex market…


12 Jan 2022

PBoC issues draft rules to set up unified regulatory system for local financial supervision and administration

China’s regulators may have financial risks at the national level under control, but the various scandals that have erupted over the last few years at the local level – involving small banks, trust companies, and illegal lending schemes – illustrate that they do not have a good enough grasp of what’s going on in the provinces…


12 Jan 2022

CBIRC issues draft notice on banks’ credit card operations

China wants to grow the consumer credit market but is also well aware of the risks, not only of excessive borrowing, as other Asian economies have already experienced, but also of poor and uncontrolled lending practices that could saddle banks with bad debts…


11 Jan 2022

CBIRC issues guidelines for third-pillar pension insurance institutions

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11 Jan 2022

CBIRC cancels restrictions on foreign insurance intermediaries

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07 Jan 2022

CSRC proposes expanding Shanghai-London Stock Connect to include Shenzhen, Switzerland, Germany

The Shanghai-London Stock Connect has been an abject failure since its launch in 2018, unlike the Hong Kong Stock Connect, which has been a roaring success. But London, and capital markets in Switzerland and Germany could become more attractive for Chinese companies…


07 Jan 2022

State Council flags more inclusive finance measures to help small companies

Beijing has a long track record of leveraging its massive state-owned financial system to execute its policy goals. However, despite years of carrots and sticks from the PBoC and the banking regulator, large financial institutions are still reluctant to lend to smaller firms who are seen as more risky borrowers due to their lack of collateral to back loans and lack of credit record…


15 Dec 2021

CBIRC scraps foreign ownership limit on insurance asset management companies

The elimination of foreign ownership caps on insurance asset management companies is a welcome development for overseas insurers with operations in China…


14 Dec 2021

CBIRC issues policy encouraging financial institutions to support innovation, technology self-reliance

Until relatively recently, conversations around how to “end reliance on foreign technologies” have focused on the quality of domestic innovation…


14 Dec 2021

CBIRC issues guiding opinions on standardizing fees for banking services

Arbitrary pricing and fees have been a long-standing problem in the Chinese banking industry. Micro and small businesses as well as vulnerable groups in society, are…


14 Dec 2021

CBIRC, CBA establish a Financial Talent Pool to improve corporate governance at smaller financial institutions

A string of scandals and failures at smaller Chinese financial institutions over the past few years has convinced regulators that corporate governance is a major weak link that poses significant risks to the financial system. Getting new, experienced, and CBIRC-approved blood into troubled local lenders at senior executive and board level should…


14 Dec 2021

CBIRC allows insurance companies to conduct securities lending

Securities lending facilitates short-selling, and while Chinese regulators – like many other regulators – often express concern over the risks associated with the practice, it does play a role in…


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