Foreign financial institution approvals and specific opening developments (November 2025)
Fidelity; BNP Paribas; Huafu International
Beijing calls for more private capital in infrastructure
Watering down these regulations to remove binding quotas for private investment is a smart move…
PBoC publishes Q3 Monetary Policy Report snooze fest
The most interesting thing about the report is what it doesn’t say. China’s economy faces multiple challenges – such as industrial overcapacity, a housing market slide…
Finance minister vows more government spending to raise productivity
Local officials typically prioritize infrastructure investment that boosts short-term GDP, often at the expense of long-term efficiency gains…
Insurers’ stock holdings surge in Q3
Regulators hope greater investment by insurance companies into stocks will support the emergence of a “slow bull” market and reduce market volatility by diluting the influence of retail investors…
Beijing orders state banks to curb mid-level pay
By addressing pay inversion, policymakers aim to maintain internal organizational order and help prevent potential corruption, as excessively high mid-level pay could incentivize managers to channel benefits to top executives…
CSRC protects retails investors, eases restrictions for foreigners
Beijing sees China’s stock markets as vital for supporting the financing of innovative new firms, creating a source of income for retirees, and replacing the property sector as an engine of middle-class wealth…
Hubei province promotes state asset securitization to raise revenue
Encouraging SOEs to securitize their revenue streams can modestly ease local fiscal pressures – boosting dividend payouts and reducing the need for direct subsidies or bailouts if those firms run into trouble…
Hong Kong expands digital RMB acceptance in retail settings
E-CNY retail uptake in Hong Kong will remain modest – much like in the mainland – as existing payment options are already efficient and ubiquitous…
SAFE moves to streamline cross-border trade settlement
These measures won’t give exports a major lift, but they are tangible steps to lowering firms’ settlement and operating costs…
ICBC absorbs Bank of Jinzhou
After a years-long cleanup, China’s banking sector is in far better shape than it used to be…
Policy banks deploy entire RMB 500 billion in infrastructure capital within a month
The one-month rollout underscores Beijing’s urgency in engineering an infrastructure rebound to shore up Q4 economic growth and hit its annual GDP target…
Beijing expands private pension offerings
Improving product offerings will only increase pension contributions at the margin…
PBoC resumes bond trading to smooth yield curve
While the net effect of the PBoC bond trading activity was to inject funds into the financial system, this is not primarily a liquidity management tool…
PBoC vows to reduce policy inconsistencies hindering cross-border RMB transactions, and expand e-CNY’s role
Beijing sees a window of opportunity to expand the RMB’s global footprint – and is crafting a more coherent strategy to make it happen…
Foreign financial institution approvals and specific opening developments (October 2025)
Mizuho; Ageas; Payoneer
Beijing offers to scrap ag tariffs if Canada drops duties on Chinese EVs, metals
Since PM Mark Carney came into office this year, both Beijing and Ottawa have been working toward a reset after years of frayed relations…
Xi goes for broke in 15th FYP
This framing is very much in line with our thesis of how Xi is looking to manage China’s transition to a new economic growth model over the next decade…
ICBC, Exim Bank name new vice presidents
Both Zhao and Wang’s predecessors were recently promoted to deputy Party secretary of their respective banks…
Tianan P&C becomes the first in China to miss capital supplementary bond payment
The event shatters the long-held illusion that insurer capital instruments are risk-free. Investors will now have to treat capital supplementary bonds as genuine loss-absorbing instruments rather than quasi-senior debt…