06 Feb 2020

Prudential in talks to gain full control of China JV

In January, China abolished foreign ownership caps for life insurance companies. This development has prompted several foreign insurers to seek …


06 Feb 2020

CBIRC adjusts actuarial rules for personal insurance products

This rate adjustment is aimed at reducing the cost of buying insurance and generating greater demand for high-quality products, especially retirement insurance – as the looming crisis in …


06 Feb 2020

Huishang Bank to participate in launch of “new” Baoshang Bank

As we noted in last month’s monitor, this process of setting up a new entity to take over part of the troubled lender’s problematic assets is similar to the process that regulators undertook when …


05 Feb 2020

PBoC issues distributed ledger security standards for the financial industry

The new standards are the first of their kind to be rolled out by the PBoC, governing the development of distributed ledgers used for financial purposes. Their issuance shows that the PBoC is …


05 Feb 2020

Widening staff cuts take place at commercial banks

These staff reductions come amidst efforts by Chinese banks to create so called “smart banks” – automated outlets that make use of 5G technology – and as online direct banks (e.g. Tencent’s We-Bank and Baidu’s aiBank) increasingly challenge the …


04 Feb 2020

Local government response to the coronavirus epidemic

As is often the case with policymaking in China, getting local officials to comply with central government dictates is easier said than done. Beijing will need to …


04 Feb 2020

Financial regulators take measures to contain coronavirus impact

The more than doubling of the PBoC’s re-lending program for SMEs should be enough to help the bulk of these companies make it through this period of cashflow shortfall driven by the virus outbreak – and keep them from …


04 Feb 2020

January wrap-up: High-level government response to Coronavirus

Despite the extreme challenges that businesses are facing as a result of the coronavirus outbreak and the government’s heavy-handed efforts to slow the spread of the virus, at present it does not appear that …


23 Jan 2020

Regulators push for development of commercial insurance in social services

The opinions place a strong emphasis on healthcare and retirement-related services, reflecting the importance that the Party attaches to these sectors. China’s rapidly aging population and …


20 Jan 2020

Huawei CFO begins extradition proceedings

The course of the Meng Wanzhou case will play a decisive factor in determining the trajectory of China-Canada relations in the near- to mid-term future. The Trudeau government has resisted calls by …


20 Jan 2020

CBIRC issues measures on the formulation of new normative documents

The central government has long been pushing for the establishment of a review mechanism to ensure fair competition in the financial industry – and the CBIRC has now …


19 Jan 2020

CBIRC seeks opinions on new draft measures for online lending

The new version of the draft measures shows a clear shift in regulators’ approach – from containing the size of online loans, to focusing on …


17 Jan 2020

PBoC launches credit reporting system 2.0

The PBoC’s primary goal in upgrading its credit reporting system is to develop a more accurate credit profile of individuals and businesses to help lower …


16 Jan 2020

PBoC announces legislative priorities for 2020

Both the LPBC and the CBL are out of date, having been originally promulgated in 1995 and amended in 2003. The new LPBC and CBL will …


16 Jan 2020

BoCom establishes fintech subsidiary

This move brings the total number of Chinese lenders who have set up fintech subsidiaries to 11 and is indicative of the importance banks are increasingly placing on …


15 Jan 2020

PBoC deputy governor says there is more room for foreign participation in financial markets

Policymakers continue to publicly insist that China’s capital markets are open for business to foreign investors. And while it is clear that officials are continually looking to …


15 Jan 2020

China reaffirms commitment to financial opening as part of phase one trade deal with US

The financial services section of the phase one trade deal serves as a clarification and a reaffirmation of China’s existing policy to open the …


14 Jan 2020

CBIRC clarifies rules for reporting malfeasance

Improving oversight and reporting mechanisms has been an important part of the broader effort to contain financial risk. Moreover, such policies are …


14 Jan 2020

PBoC releases fintech plan, outlines six pilot projects

Regulators are increasingly pinning their hopes for addressing the inherent weaknesses in the domestic financial system on banks’ and tech companies’ ability to provide fintech solutions. For this reason, officials have accelerated the …


14 Jan 2020

Digital banking rules on the way

Online-only banks were part of China’s policy of developing “inclusive finance” and providing access to financial services to individuals and small companies traditionally shunned by the formal banking system, including those in …


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