Financial Services

Dear USCBC members interested in financial services,

Since early May, market openings in China’s financial services industry have been slow, likely due to the impasse in the trade talks, but there have been a few developments that have increased market access for US financial services companies. No implementing regulations on the 12 opening measures for China’s financial services industry announced on May 1 have come out yet, but financial services regulatory...

USCBC members interested in financial services,

The month of April has seen some exciting developments in China’s financial services industry, most likely having been spurred by the trade talks. China’s financial regulators approved more applications from foreign financial services companies and hinted at more structural openings on the horizon. Most of the buzz appears to revolve around anticipated openings in China’s asset management, heightened by companies’ preparations to expand...

Dear USCBC members interested in financial services,

In our regular review of news and policy announcements, we want to share the below updates.

The month of March saw developments in China focused on easing of cross-border capital flows, approving a few more joint ventures in electronic payments and pension insurance, and integrating advanced technologies into the supervision of insurance market. To better manage the balance between preventing financial risks and maintaining...

Dear USCBC members interested in financial services,

In our regular review of news and policy announcements, we want to share the below updates.

The month of February saw developments in China focused on expanding its capital markets to global investors, building the guidelines for China’s new tech innovation board, and adjusting the top personnel and structures of its financial regulatory institutions. In the midst of the US-China trade negotiations, China granted a few...

Dear USCBC members interested in financial services:

In our regular review of news and policy announcements, we want to share the below updates.

The end of 2018 and the beginning of 2019 saw developments in China focused on market openings, domestic financial reforms, policy guidance from various financial regulatory authorities, and more support to China’s domestic economy. China has signed an agreement with Germany to equal the playing field between...

Dear USCBC members interested in financial services:

In our regular review of news and policy announcements, we want to share the below updates. Recent developments in China’s financial sector have focused on opening up to foreign financial services companies, reforming China’s stock market, and increasing the strength and stability of China’s financial system. Recent policy and news developments covered in this update:

CBIRC allows Allianz to set up a...

Dear USCBC members interested in financial services:

In our regular review of news and policy announcements, we wanted to share the below updates. Recent developments in China’s financial sector have focused on providing liquidity support to the stock market, providing assurance to market investors about the strength of China’s economy, supporting China’s private economy, increasing the diversity of financial instruments in China’s bond market, speeding up the process of financial...

Dear USCBC members interested in financial services:

In our regular review of news and policy announcements, we wanted to share the below updates. Recent developments in China’s financial sector have focused on reforms of China’s credit rating industry and bond market, yuan internationalization, implementation of the central government’s financial services opening measures at the local government level, opening up of China’s futures and stock markets, and policy support for China’s...

Dear USCBC members interested in financial services:

In our regular review of news and policy announcements, we wanted to share the below updates. The month of August has seen developments in China’s financial sector that relate to market opening, restructuring of the regulatory system, government announcements of future priorities for financial policy, deleveraging, and currency support measures. Please see below for the recent policy and news developments covered in this update:...

Dear USCBC members interested in financial services:

In our regular review of policies related to financial services news, we wanted to share the below policy and regulatory updates. The past couple of months have seen developments in China’s financial sector that relate to management of cross-border financial network and information service, market opening, deleveraging, and liquidity support. Please see below for the recent policy and news developments covered in this update:

...

The equity cap for foreign insurance companies in Chinese joint ventures (JVs) is set to increase to 51% from 50%, according to draft measures released for comment yesterday by China’s insurance regulator. Last month at the Bo’ao Forum, China’s central bank governor Yi Gang announced that this liberalization would occur by the end of June, and that ownership restrictions would be removed entirely in three years. The draft measures will be open for public comment until June 29, 2018....

CSRC Draft Rules Raise Cap on Foreign Ownership in Securities Firms and Brokerages; CIRC Amends Rules for Insurance Shareholders

CSRC Solicits Comments on Draft Regulations to Allow Foreign Financial Institutions to Control Chinese Securities Firms
On March 9, the China Securities Regulatory Commission issued a draft for comment of “Administrative Measures for Foreign-Invested Securities Companies.” The draft rules appear to raise the cap on foreign financial institutions’...

CBRC Cuts Red Tape for Foreign Banks; CIRC takes over Anbang Insurance as Authorities Step up Efforts to Address Financial Risks

As part of USCBC’s regular monitoring of government and press sources, we are recapping February financial sector news and policy developments that may be of interest to you, with summaries of Chinese and English language announcements and reports linked below.  As always, if you have questions or comments on these or other developments, please do not...

Touting Focus on Financial Sector Reforms, China Promises Financial Services Sector Openings; Announces Tighter Oversight of Policy and Commercial Banks, IPOs, Cash Loans

As part of USCBC’s regular monitoring of government and press sources, we are recapping recent financial sector news and policy developments that may be of interest to you, with summaries of Chinese and English language announcements and reports linked below.  As always, if you have questions or comments on these or...

Dear USCBC Members following the financial services sector:
 
New draft regulations released by the China Banking Regulatory Commission (CBRC) increase scrutiny of investors in commercial banks by requiring investors seeking to control more than five percent of shares in a Chinese commercial bank to register with PBOC for approval. The draft rules also outline a number of strict requirements aimed at cracking down on opaque ownership structures. These include:

Investors...

 

Dear USCBC members interested in the Financial Services Industry:

Our regular monitoring of government and press sources identified the following stories as relevant:

S&P Downgrades China's Credit Rating
PBOC Publishes Draft Package for Financial Market Openings
CBRC Seeking Comments on State Development Bank Management
CSRC Further Regulates Investment-Banking Industry
CIRC Will Liberalize Non-Life Insurance...

 

Dear USCBC members interested in the Financial Services industry:

Our regular monitoring of Chinese government and media sources identified the following policy updates as relevant: 

CBRC Seeks Opinions on Two Sets of Banking Supervision Measures
CBRC Tightens Regulation of Trust Industry
CBRC Seeks Opinions on Illegal Fundraising Regulations
CSRC Regulates Open Securities Investment Funds
NDRC Issues Notice on...

Dear USCBC members interested in the Financial Services Industry:

Our regular monitoring of Chinese media and government sources identified the following stories as relevant: 

State Council Promotes Foreign Investment in Two New Notices 
State Council Circulates Report on Severity of Local Debt
SAFE Crackdown on Fraudulent Information in the Insurance Sector
SAFE Requires Banks to Submit Overseas Transaction Information
CIRC Issues Insurance...

Dear USCBC members interested in the Financial Services Industry:

We recently came across a number of policy and news developments related to financial services as a part of USCBC’s regular monitoring of Chinese government and press sources.

CED Concludes, US and China Agree to Resume BIT Negotiations
President Xi Jinping Sets Reform Agenda at the Fifth Financial Work Conference
China Establishes a Central Financial Stability and Development Commission
...

Dear USCBC members interested in the Financial Services Industry:

The twice in a decade, closed-doors National Financial Work Conference (NFWC) and economic work meetings of Chinese financial leadership are expected to be held during the third week of July. 

This year’s NFWC conference topic is strengthening supervision of the financial sector. While there have been periodic rumors that China’s finance ministries would be merged into a single “super regulator,” media reports ...

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