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…


14 Feb 2022

Guangdong issues five-year plan for trade in services with implications for GBA integration

One of the major challenges in the development of the GBA has been achieving a reasonable degree of interoperability between the different legal and economic systems of Hong Kong, Macau, and Guangdong. As is often the case with five-year plans, the roadmap laid out by the Guangdong government is relatively high-level and lacking in substantive details…


14 Feb 2022

CBIRC report highlights problems with personal insurance products

China is underinsured and the CBIRC is working hard to expand the personal insurance sector, pushing companies to increase the types of products they offer and encouraging the development of online insurance, among other efforts…


14 Feb 2022

NDRC issues opinions on measures to advance GBA integration

Over the past two and half years, Shenzhen has been subject to a bevy of long-range, high-level policy documents pointing the way for its strategic development and granting it significant leeway to experiment with new policies. However, these policy prescriptions are more aspirational than instructional…


10 Feb 2022

CBIRC issues new rules for management of IT outsourcing risks at banks and insurers

The new rules reflect financial regulators’ growing concerns over technology-related risks in China’s increasingly digitized financial system. Regulators are not only worried…


10 Feb 2022

PBoC, CBIRC, CSRC issue final version of anti-money laundering measures

Members of the FATF are required to meet certain standards and obligations, and the 2019 report, which exposed serious shortcomings in China’s anti-money laundering regulatory framework and enforcement, was a wake-up call for China’s financial regulators to get their act together…


07 Feb 2022

PBoC, SAFE release notice on regulating offshore lending

In the short term, the adjustments will help to standardize offshore lending practices, and despite their incremental nature, these types of moves will add up to significantly ease cross-border capital flows over time. Further, Beijing will continually look to expand the RMB’s prominence in cross-border business by regularly tweaking and improving measures like these…


04 Feb 2022

CSRC steps up supervision of biggest money market funds

The CSRC wants to identify MMFs that are too big to fail – and ensure they don’t. These are the latest set of rules that form part of regulators’ efforts to ensure the financial risks associated with such funds are controllable and that a sudden mass withdrawal of money by depositors won’t destabilize money markets…


04 Feb 2022

Connecting China’s two bond markets to make life easier for investors and deepen market liquidity has been in the works for several years. It’s been a slow process, inevitable perhaps given the turf wars among the different supervisory bodies, but this latest announcement shows the regulatory framework and the mechanics of the linkup are finally being put in place…


03 Feb 2022

First company transfers from Beijing Stock Exchange to STAR Market

On January 27, Beijing-based drone-maker Guandian Defense Technology Co. Ltd. received approval…


02 Feb 2022

PBoC and others announce 3-year anti-money laundering plan

Getting China’s AML laws in line with international standards is less about lax regulation and more about shoddy enforcement – especially in newer, under-regulated sectors like fintech. This action plan is squarely aimed at that latter concern…


28 Jan 2022

CBIRC holds work conference, lays out priorities for 2022

Maintaining stability and mitigating risk remain at the heart of the CBIRC’s 2022 plans – much the same as in 2021. That’s doubly true this year, as leaders want to ensure that the Beijing Olympics (February) and the Party Congress (October) go off without a hitch…


28 Jan 2022

CBIRC declares victory over WMPs

These reforms are a huge success for the CBIRC. WMPs went from being a black box of financial risk to being transparent, well-regulated, and boring investment vehicles within the course of three years…


26 Jan 2022

China Aviation Cloud begins work on Nansha data port

The Nansha Data Port effort should be viewed in the context of an emerging race in China to build cross-border data exchange infrastructure. Notably, the Guangzhou government called the Nansha port China’s “first” cross-border data pilot project, but this is debatable – Hainan embarked on similar pilot in 2020 as part of the island’s FTZ, and Shanghai is also vigorously pursuing cross-border data exchange in its FTZ in Lingang New Area…


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