Tianyu Zhu

28 posts

CBIRC released new measures to strengthen oversight on life insurance products information disclosure

  • Tianyu Zhu
  • Posted on
Although China is the world’s second-largest insurance market, on a per capita basis it is seriously underinsured. The government understands the importance of insurance and wants to see further growth in an industry that was plagued by scandal and weak supervision under the reign of regulator Xiang Junbo, who was taken down for corruption in 2017. 
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CBIRC releases rules to strengthen oversight of corporate group finance companies

Corporate groups are large, complex organizations. The opacity of both their ownership structures and internal oversight procedures has made their finance companies prime breeding grounds for corruption and risky practices, including irregular lending outside of the group. These rules are lengthy, comprehensive, and specific – the CBIRC means business with this document, which seeks to standardize, improve transparency, and improve regulation of internal financial services within large organizations.
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Multiple regulators issue notices on private pension system rollout

Confirmation is information – there may be nothing new here, but that means Beijing is pleased with where things are headed vis-à-vis the rollout. It’s also clear – and good news – that the various regulators involved in this massive project are coordinated and on the same page – never a given in Beijing’s financial regulatory apparatus.
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Finance ministry encourages Shenzhen to take the lead in tax reform

  • Tianyu Zhu
  • Posted on
China’s fiscal and taxation systems are in dire need of an overhaul and the top leadership knows it, although it’s been reluctant to tackle the problems in a serious way. The shortcomings of the current fiscal system, which emerged after the reforms of 1994, have left local authorities shouldering most of the fiscal burden without the necessary fiscal income.
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