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Officials reduce threshold for foreigners to take strategic stakes in listed companies
In recent months, Beijing has repeatedly stressed the need for more “patient” capital in China’s capital markets – long-term investments that…
October foreign financial institution approvals and specific financial opening developments
BNP Paribas; Prudential Financial; HSBC; Chubb; Citadel; AIA
Chinese authorities chase ultra-rich to pay tax on income from overseas financial assets
Ideally, taxes on the wealthy would be directed toward expanding welfare and services for lower-income groups, which could help boost consumption. However…
Fang Xinghai retires from the CSRC
Replacing Fang with an enforcer reflects the government’s current priorities. While China remains committed to attracting foreign capital and financial firms to its capital markets, its primary focus has shifted toward enhancing corporate governance and restoring public trust…
China UnionPay and Shanghai Pudong Development Bank appoint new presidents
There were two major personnel changes in the financial sector last month. First, Guo Dayong, 49, recently assumed the role of deputy Party secretary at China UnionPay Company Ltd. (CUP)…
July foreign financial institution approvals and development
MAPFRE RE; BNP Paribas; AllianzGI
PBoC cuts MLF rate
The MLF is officially transitioning from a policy rate to a market rate. In June, the PBoC announced that it would regulate the economy using one short-term rate only…
China’s central bank cuts key policy rate
The PBoC wants to influence the entire yield curve by adjusting a single short-term policy rate, much as the Fed does. Until recently, the PBoC used the MLF rate to guide long-term rates and nominally linked it to the LPRs…
Wang Weidong appointed head of new financial sector graft buster
The creation of the CFDISWC indicates that the Party will maintain its high-pressure approach towards the financial sector, aiming to further institutionalize anti-corruption efforts. Wang Weidong, with his extensive inspection experience, is expected to…