11 Aug 2023

Charles Li’s Micro Connect officially launches in Macau

While the effectiveness of Micro Connect remains to be seen, its very existence checks two key policy boxes…

09 Aug 2023

CSDC reduces reserve requirement for securities firms

Less cash sitting around in reserve accounts means more funds for securities firms to do what they do best – allocate capital…

08 Aug 2023

NFRA releases draft measures to curb illegal activity at financial firms

Financial regulators and anti-corruption watchdogs have been stepping up supervision of the financial sector as the scale of illegal activity and graft has slowly been exposed by the deluge of detentions and prosecutions…

08 Aug 2023

CSRC releases interim provisions on the management of futures positions

The passage of the Futures and Derivatives Law signaled Beijing’s intention to ensure that the domestic derivatives markets are properly regulated following a string of scandals that exposed the potential for trading to destabilize the broader financial markets and bring huge losses to small investors…

07 Aug 2023

July foreign financial institution approvals and specific financial opening developments

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03 Aug 2023

PBoC, SAFE lay out financial and monetary policy goals for remainder of 2023

There isn’t a whole lot of urgency in this readout – financial regulators are signaling that policy in H2 2023 will look a lot like policy in H1 2023.

01 Aug 2023

NFRA releases draft measures to strengthen operational risk management of banking and insurance institutions

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31 Jul 2023

Officials outline plans to boost financing for science and tech innovation

Oiling the wheels of this virtuous cycle has become a hot topic for policymakers and officials. China can’t achieve its tech self-sufficiency goals without funding, and reorienting the financial sector to meet that challenge will be a top priority for financial policymakers for the foreseeable future…

28 Jul 2023

Financial regulator urges banks, insurers to step up efforts to support consumption

The potential for China’s banks to boost consumption is limited. Many households are financially overstretched and reluctant to increase borrowing…

28 Jul 2023

NFRA relaxes restrictions on foreign investment in AMCs

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28 Jul 2023

SAFE to expand cross-border forex management pilot

A gradual opening of the capital account hits two of China’s longer-term ambitions. It furthers the internationalization of the RMB and strengthens financing avenues for China’s tech self-reliance drive…

27 Jul 2023

NFRA releases notice to expand scope of tax-deductible health insurance products

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24 Jul 2023

NAFMII announces first batch of sci-tech innovation hybrid securities

Realizing tech self-reliance hinges in large part on money, and leveraging the capital markets to juice innovation is crucial…

24 Jul 2023

PBoC, SAFE raise macroprudential adjustment parameter

Companies and banks will likely be hesitant to borrow foreign currency with USD rates so high, so the MAP adjustment in and of itself probably won’t impact the exchange rate much, but it’s another strong signal that the PBoC is unhappy with the pace of depreciation…

20 Jul 2023

MIIT, NFRA release opinions on cybersecurity insurance

Cybersecurity is likely to be the fastest growing segment of China’s insurance industry over the next few years, as weak network security becomes one of the biggest risks to individuals, companies, and the economy more broadly…

18 Jul 2023

Green Finance Committee relabels bonds in alignment with joint EU standards

Applying a harmonized green classification standard consistent with EU standards will open the door for more international investment by reducing the costs of verification and due diligence through increasing the interoperability and alignment of taxonomies…

17 Jul 2023

Former Everbright chairman becomes latest financial official to fall under CCDI investigation

Financial scandals at the highest levels of state-backed firms are a particular concern for regulators, given their potential to affect social stability and the financial system. Regulators also want to ensure that capital meant to finance China’s industrial and tech development ambitions doesn’t wind up in the pockets of corrupt officials…

17 Jul 2023

State Council releases high-level regulations for supervision of PE investment funds

Many of the rules in this document have been in place on a slightly less formal basis for years, so the State Council regulation itself won’t lead to major changes in how the industry functions, but it puts the industry on a firmer legal footing and carries more weight. The CSRC and the NDRC are expected to formulate significantly more detailed regulations and policies aimed at the industry in the near to medium-term…

17 Jul 2023

China’s state pension manager appoints new Party secretary

Despite his qualifications, Ding will have a tough time wrangling money from other parts of the state. We are skeptical of his ability to make much progress in putting the NCSSF on more solid financial footing…

13 Jul 2023

State Media, banks push back on Goldman Sachs’s Chinese bank downgrades

As the Securities Times points out (in granular detail), Goldman Sachs has been wrong plenty of times – and it very well might be wrong again…

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