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The CSRC’s release of the guidelines for setting up publicly traded REITs, combined with the earlier NDRC screening rules for REITs, mean that the long march toward the launch of publicly traded REITs is almost at an end. Applications for pilot projects are expected to…

China’s financial regulators are having to update a string of regulations and measures to comply with the new Securities Law which went into effect on March 1, 2020. The revised administrative reconciliation system is one such example. The complexity of securities and futures regulations paired with the limited investigative resources of the CSRC mean that…

China’s financial regulators have embraced fintech enthusiastically and are promoting its development aggressively, as they see it as a way to increase competition, lower costs, and bring financing to the underserved population – as part of an inclusive finance strategy. The PBoC’s fintech initiatives do not appear to be directly competing with commercial entities, but rather are part of the central bank’s strategy to…

The exemption of transaction fees is consistent with China’s efforts to promote the internationalization of the RMB. While it would be easy to assume that this is tied to recent geopolitical developments, our read is that this more of a…

A financial war between the US and China looks almost inevitable given the mood in Washington right now – the only question is how intense it will be. At a minimum, the bar will be raised on…

Authorities have moved quickly to put the GBA masterplan into action since the high-level guidance was published. We will continue to see more…

Since the beginning of 2020, banks have been taking a wait-and-see approach toward compliance with the new regulations in the expectation that the deadline for compliance would be extended. As a result, many have made little progress on…

There was little new in the readout of the CSRC’s meeting – these policy initiatives have been mentioned frequently in the past few months. But the regulator is sending a signal that the authorities are determined to…

Historically, the government has refused to allow any kind of class-action lawsuit out of concern that such a mechanism could be used to challenge the authorities. This means that if an individual wants to sue a company or local government for wrongdoing and compensation, they must…