china trade and investment environment finance, retail and ecommerce

Financial infrastructure
- FT article on China's modernisation of finanical system 5nov14 page 3 of FT special report on exchanges, trading and clearing
- http://www.scmp.com/property/hong-kong-china/article/1631923/chinas-tax-policy-holding-back-reit-growth
- http://paper.takungpao.com/resfile/PDF/20170112/PDF/a7_screen.pdf中國國務院總理李克強11日在北京主 持召開國務院常務會議，確定規範發展區 域性股權市場的政策措施，拓寬中小微企 業融資渠道。 會議指，規範發展區域性股權市場， 有序擴大和更加便利中小微企業股權融資 ，是推進供給側結構性改革的重要舉措， 對完善多層次資本市場體系，使金融更好 服務實體經濟轉型升級，深入實施創新驅 動發展戰略，促進大眾創業、萬眾創新， 具重要意義。
- online payment

•  http://www.scmp.com/business/companies/article/2105825/china-sets-clearing-house-online-payment-services-alipay-and China’s central bank has ordered the establishment of a nationwide clearing house for online payment services, instructing them to route their transactions via the new platform, to shield consumers and the financial system from an internet-enabled model of finance that’s already made up almost 3 per cent of the country’s non-cash payments.The China National Clearing Centre -- the Chinese central bank’s settlements and clearing arm -- signed an agreement on July 28 to establish the platform’s operating company with 44 financial firms, including Alibaba Group Holdings’ affiliate Ant Financial, Tencent Holdings and China UnionPay’s affiliate, according to an August 1 statement by HyUnion Holding Co.Banks and online payment systems including Alibaba’s AliPay and Tencent’s Tenpay must connect to the new platform by October 15, and be ready to route transactions through it from June 30, 2018, according to a notice by the People’s Bank of China. The new platform is the internet version of UnionPay’s clearing service for bank-to-bank transactions, while the new platform is for transactions involving third-party online payment firms and banks.

• NetsUnion Clearing Corp, China's newly established clearing house for online payments supervised by the People's Bank of China, will clear half of the transactions that are expected to be made during the upcoming Nov 11 Singles Day shopping festival. The move comes as a blow to Alibaba-owned Alipay, which had hitherto cleared most of the transactions during the shopping extravaganza. http://www.chinadaily.com.cn/bizchina/2017-10/19/content_33435288.htm

- 條碼(二維碼)支付業務

• 人民銀行昨發佈通知，自2018年4月1日起實施條碼(二維碼)支付業務規範，非銀行支付機構向客戶提供基於條碼技術的付款服務的，應當取得網絡支付業務許可；同時對個人客戶條碼支付業務進行限額管理。http://pdf.wenweipo.com/2017/12/28/b03-1228.pdf

- 根據昨日提請十三屆全國人大常委會第二次會議審議的《關於在上海設立金融法院的決定（草案）》，中國擬在上海設立金融法院，進一步提高金融審判專業化水平。http://pdf.wenweipo.com/2018/04/26/a15-0426.pdf
- 人 民銀行深圳市中心支行和前海管理局日前簽署合 作備忘錄，雙方聯合建設深圳網絡金融行為監管 實驗室。實驗室由人行深圳市中心支行和前海管 理局共同建設運營維護，人行深圳市中心支行定 期向前海管理局提供非法金融廣告和網絡金融風 險的特徵、監測指標、相關案例、管理規定等內 容。http://pdf.wenweipo.com/2019/12/18/b05-1218.pdf

- 金融委辦公室昨日出台11條金融改革措 施（具體見表），按照 「成熟一項推出一項」 原則，將於近期推 出。分析相信，11條改革措施涵蓋資本市場、中小銀行、小微企 業金融服務、債券市場、信用評級等領域，對金融和資本市場的 改革發展具有長遠意義。其中，出台《商業銀行小微企業金 融服務監管評價辦法》、《政府性融資 擔保、再擔保機構行業積效評價指引》 。前者從信貸投放、內部專業化體制機 制建設、監管政策落實、產品及服務創 新等方面進行評價，設置差別化評價指 標，對商業銀行落實盡職免責要求，給 予小微企業貸款差別定價，加強評價結 果運用。後者是推動各級政府性融資擔 保機構聚焦支小支農、降低擔保費率， 充分發揮風險分擔作用，幫助企業復工 復產、渡過難關。《標準化債權類資產 認定規則》，明確標準化債權類資產的 認定範圍和認定條件，穩步推進資管業 務轉型發展。 此外，《中小銀行深化改革和補充 資本工作方案》是從市場化法治化原則 ，多渠道籌措資金。制定《農村信用社 深化改革實施意見》，保持縣域法人地 位總體穩定，強化正向激勵，統籌做好 改革和風險化解工作。http://paper.takungpao.com/resfile/PDF/20200528/PDF/b4_screen.pdf

inward di
- https://www.ft.com/content/d4a85422-c5d5-11e7-b2bb-322b2cb39656 China has announced plans to ease limits on foreign ownership of financial services groups, following years of complaints that such restrictions block foreign groups’ development in the country. The government will relax or eliminate ownership limits in commercial banking, securities, futures, asset management and insurance, vice-minister of finance Zhu Guangyao said in Beijing on Friday. The announcement comes a day after US president Donald Trump called on his Chinese counterpart Xi Jinping to allow American companies greater market access during a “state plus” visit to Beijing.美國總統特朗普訪華期間，中國內地醞釀已久的金融業外資准入「大鬆綁」政策終於落地。中國財政部副部長朱光耀昨日在國新辦舉行的中美元首北京會晤經濟成果吹風會上表示，內地將向外國投資者開放中資金融機構的控股權，取消外資投資銀行和資產管理公司的股權比例限制；允許外資持有證券行業最多51%的股權，並計劃三年後取消這一限制；承諾三年後提高外資投資人身保險公司的持股上限至51%，五年後允許外資以獨資身份進入內地人壽保險市場。此次內地金融市場放寬准入政策落地之快、力度之大超出市場預期，美國彭博通訊社形容這是「Big Bang Moment（大爆炸的時刻）」。http://pdf.wenweipo.com/2017/11/11/a04-1111.pdf

•  http://www.scmp.com/business/companies/article/2119517/china-opens-finance-industry-foreign-firms-it-too-late-hong-kong

- 中國銀行保險監督管理委員會早前修訂《中國銀保監會外資銀行行政許可事項實施辦法》，於上周五公布。新辦法允許外國銀行在中國境內同時設立分行及外資法人銀行；放寬中外合資銀行中方主要股東選擇範圍；下放或調整外資銀行部分董事、高管人員任職資格、分行開業審批權限，簡化外資銀行赴境外發債部分申請要求。https://orientaldaily.on.cc/cnt/china_world/20200105/00178_011.html

Capital account liberalisation
- http://www.chinadaily.com.cn/business/2015-06/01/content_20872824.htm
Beware of capital account liberalization

Capital flow
- http://www.scmp.com/business/markets/article/1909267/china-loosens-capital-outflow-restore-foreign-investors-confidence

qfii
- 國家外匯管理局昨日宣佈，取消合格境外機構投資者（QFII）和人民幣合格境外機構投資者（RQFII）投資額度限制，RQFII試點國家和地區限制也一併取消，下一步將立即着手修訂相關法規。今後，具備相應資格的境外機構投資者，只需進行登記即可自主匯入資金開展符合規定的證券投資。此次外管局不僅取消了QFII和RQFII投資總額度，單家境外機構投資者額度備案和審批也將取消。外管局新聞發言人王春英表示，下一步，國家外匯管理局將立即着手修訂《合格境外機構投資者境內證券投資外匯管理規定》等相關法規，明確不再對單家合格境外投資者的投資額度進行備案和審批。屆時，境外投資者在獲得證券監督管理部門批准的相關資格後，應委託境內託管銀行按規定辦理相關登記，憑國家外匯管理局出具的業務登記憑證在託管銀行開立專用資金賬戶及辦理後續資金匯兌等業務。http://pdf.wenweipo.com/2019/09/11/b03-0911.pdf

• https://www.scmp.com/business/banking-finance/article/3029625/chinas-scrapping-qfii-and-rqfii-caps-foreign-investment On the face of it, China’s recent move to scrap two important quotas limiting foreign investment in the country’s equities was a major step towards market liberalisation.But in reality it will make very little difference because the programmes under which the caps operated were already becoming somewhat redundant, according to analysts. In fact, the quotas that have been removed had been in no danger of being breached for at least a decade.

Foreign exchange
- http://www.bloomberg.com/news/articles/2016-03-15/china-said-to-draft-rules-for-tobin-tax-on-currency-transactions China’s central bank has drafted rules for a tax on foreign-exchange transactions that would help curb currency speculation, according to people with knowledge of the matter.The initial rate of the so-called Tobin tax may be kept at zero to allow authorities time to refine the rules, said the people, who asked not to be identified as the discussions are private. The tax is not designed to disrupt hedging and other foreign-exchange transactions undertaken by companies, they said. Imposing a levy on foreign-exchange trading would be the most extreme step yet by policy makers to prevent speculative bets against the Chinese currency, after state-run banks repeatedly intervened to support the yuan and the government intensified a crackdown on capital outflows. A Tobin tax would complicate plans by China to create an international reserve currency and could undermine the leadership’s pledge to increase the role of market forces in the world’s second-largest economy.
- http://orientaldaily.on.cc/cnt/finance/20160520/00202_011.html中國外匯交易中心公布，首批人民幣境外參加行正式進入中國銀行間外匯市場，包括工銀亞洲、招行香港分行、中國信託商業銀行、台北富邦商業銀行、渣打香港和花旗香港分行。
- https://www.scmp.com/business/banking-finance/article/3024933/chinas-regulator-relaxes-currency-conversion-rules The Chinese government has eased the rules for converting hard currencies into the yuan in Shenzhen, the special economic zone set up four decades ago to spearhead China’s economic reforms, taking another major step in sharpening the city’s competitiveness in southern China. Under a pilot programme, effective within the city limits of Shenzhen, foreign exchange will be allowed to be convertible into the renminbi without prior permission by the banks, according to Chinese media reports. The approvals system will involve spot checks, a change from the previous process that required every currency conversion to be preapproved, according to the reports. The time needed for the process will be reduced to minutes, from several hours, while the documentation will be cut to a single sheet of paper, according to Shanghai Securities News. The new regulation, which would make it easier for any company or individual involved in the pilot programme based in Shenzhen to purchase the yuan, as the Chinese currency is also called, is a significant incentive to nurture Shenzhen into a global benchmark for competitiveness and innovation by the middle of the century.

Price control
- http://paper.takungpao.com/resfile/PDF/20160506/PDF/a19_screen.pdf5日，國務院日前印發《鹽業體制改革方案》（以下簡稱《方案》），對推進鹽業體制改革做出總體部署，明確了改革的指導思想、基本原則和主要任務。　 《方案》強調，推進鹽業體制改革要按照突出食鹽安全、釋放市場活力、注重統籌兼顧、堅持依法治鹽的基本原則，以確保食鹽品質安全和供應安全為核心，在堅持食鹽專營制度基礎上推進供給側結構性改革，創新管理方式，健全食鹽儲備，嚴格市場監管，建立公平競爭、監管到位的市場環境，培育一批具有核心競爭力的企業，逐步形成符合中國國情的鹽業管理體制。《方案》明確，從2017年1月1日開始，放開所有鹽產品價格，取消食鹽準運證，允許現有食鹽定點生產企業進入流通銷售領域，食鹽批發企業可開展跨區域經營。從2018年1月1日開始，現有食鹽定點生產企業和批發企業可依照新的規定申請許可，根據許可範圍從事相應的經營活動。
- http://usa.chinadaily.com.cn/business/2016-11/10/content_27329578.htm China's major coal producers and power groups have signed a long-term deal at a fixed price to ensure stable coal and power supplies in the country, in a bid to hammer out a strategy to halt the persistent rise in coal prices, said the nation's top economic regulator on Wednesday.
- 據新華社報道，國家發展改革委昨日對外公佈《關於全面深化價格機制改革的意見》（以下簡稱《意見》），明確到2020年以「准許成本+合理收益」為核心的政府定價制度基本建立，促進綠色發展的價格政策體系基本確立，低收入群體價格保障機制更加健全。國家發改委相關負責人說，《意見》對未來三年價格機制改革進行了系統謀劃和全面部署，是中共十九大後經濟體制改革領域貫徹落實十九大精神的首項重大舉措。根據《意見》，到2020年，市場決定價格機制基本完善，市場價格監管和反壟斷執法體系更加完善，要素自由流動、價格反應靈活、競爭公平有序、企業優勝劣汰的市場價格環境基本形成。http://pdf.wenweipo.com/2017/11/11/a16-1111.pdf

- China has cut the number of items subject to price restrictions by nearly 30 percent in a revised government pricing catalog released on March 16, the country's top economic planner said. The new list, to be implemented from May 1, removes items no longer subject to price controls, such as some railway and air travel tickets, compared with the previous version released in 2015, the National Development and Reform Commission said in a statement. The initial offer and final sales prices of electricity and natural gas are also removed, opening them up to market forces, but midstream transmission and distribution prices are still listed, allowing government supervision. The list now features 16 items divided into seven categories, including goods and services in public utilities, public welfare services and network-based natural monopolies, the statement said. The revision will help promote market-oriented reform, streamline government administration and create a fair and competitive market environment, said Li Shuguang, a law professor at China University of Political Science and Law.https://www.chinadaily.com.cn/a/202003/24/WS5e796ea0a31012821728181a_2.html - local government

• http://www.chinadailyasia.com/business/2016-12/31/content_15550083.html The nation's top pricing regulator will start a nationwide probe in January to restrict local governments from intervening in pricing behavior starting as part of a broad set of measures to ensure fair market competition. The National Development and Reform Commission announced administrative warnings on Thursday to 15 government departments for administrative monopoly abuse, referring to acts of granting favorable conditions to preferred enterprises at the expense of competitors. Local governments were found to guide enterprises' price-fixing behaviors, issuing discriminatory conditions for market entry and asking businesses to use goods and services provided by designated producers in the power, tourism, clothing and building material industries.

- land

• 日前，《深圳市地價測算規則》 （《規則》）對外正式發佈，深圳市將統 一地價管理體系和實現地價智能化測算。 深圳也因此成為全國首個全面應用標定地 價的城市。為了降低安居房和人才住房的 成本，相關住房的地價將分別按市場地價 的 30%和 40%確定，以前相關地價是市場 價的60%至70%。http://pdf.wenweipo.com/2019/10/23/a12-1023.pdf

- rice

• http://www.chinadaily.com.cn/china/2017-02/18/content_28251774.htm China has set minimum prices for state procurement of rice products in 2017 to protect the interests of growers, according to the top economic planner. The National Development and Reform Commission said in a statement that the minimum price for japonica rice will be three yuan (44 U.S. cents) per kg, down from 3.1 yuan per kg in 2016.

- pig

• 政府保供應 出招穩豬價http://pdf.wenweipo.com/2019/09/09/a25-0909.pdf
• 中央周一（9日）出台多項舉措，出錢鼓勵養豬，最高可一次過獲五百萬元（人民幣‧下同，約五百六十萬港元）補助；廣東省政府為控制價格，中秋和十一期間將投放逾三千噸豬肉儲備入市場。惟輿論指不僅是豬肉，根本是普遍物價上升，市民正面臨通貨膨脹。https://orientaldaily.on.cc/cnt/china_world/20190910/00178_001.html
• 貴州銅仁市江口縣市場監督管理局、縣發改局近日聯合發文，限制當地市場的豬肉價格；並指如不按規定執行，將予以嚴懲。文件引發干預爭議，江口縣政府周三回應，指上述文件違反內地《價格法》有關規定，目前已收回，並對相關責任人作嚴厲批評教育。https://orientaldaily.on.cc/cnt/china_world/20191031/00178_015.html
• 貴州銅仁市江口縣市監局和發改局日前聯合發文，表示為穩定當地豬肉供應和價格，保護消費者合法權益，要求商戶對部分豬肉限價、低價出售，違者會被視為擾亂市場、惡意哄抬物價等行為，將予以嚴懲。誰知兩部門翌日就發通報匆匆撤回決定，指有關文件違反了法例規定，並將對相關人等進行嚴厲批評教育，務使做到嚴格依法行政，切實保障市場秩序。正所謂，順得哥情失嫂意。兩部門要求商家降價出售豬肉，消費者當然求之不得，但商家肯定一百個不願意。非洲豬瘟致使肉價日日飆升人所共見，進貨成本水漲船高更是不爭的事實，加之受市場影響，利潤空間本就所剩無幾，如今還須進一步降價，簡直是逼肉檔關門。當局以行政手段干擾市場，為達所謂的穩定而慷商家之慨，既不公平，更顯無良，一言以蔽之，就是缺乏基本的責任擔當。https://orientaldaily.on.cc/cnt/china_world/20191102/00182_001.html

- food

• 湖北武漢市一間餐飲服務公司涉在防疫期間哄抬物價，包括把市價四元（人民幣●下同，約四點四港元）一公斤的紅蘿蔔，以廿五元（約廿八港元）一公斤出售。市場監督管理局前日發出行政處罰聽證告知書，指該公司銷售方式造成消費者的恐慌情緒、令蔬菜價格過快上漲，依法罰款三百萬元（約三百三十五萬港元）。https://orientaldaily.on.cc/cnt/china_world/20200305/00178_004.html

- electricity

• http://www.scmp.com/business/companies/article/2018410/china-presses-ahead-power-pricing-reform Beijing first experimented with regional-scale pilots 12 years ago for market-based power trading in northeast China, which was rolled out subsequently in eastern China, with 10 to 15 per cent of the power sold subjected to tariff bidding. A key part of the 2002 reform was meant to see efficient producers taking market share from weaker ones on the basis of offering lower tariffs, so that the entire supply chain would become more efficient and consumers would benefit. But power shortages ensued soon after the trials were launched, which spread to most parts of the nation as demand from energy-intensive heavy industries such as aluminium and steel smelters soared, at a pace that the power plant builders could not match.  Aggravating the problem, coal prices rose sharply amid a supply shortage which the power producers passed on in the form of sharp hikes in wholesale power charges. “As the retail side of the supply chain was not reformed and prices remained regulated and could not be raised in tandem, the power grid operators were raking in tens of billion of yuan of paper losses in the trial,” Hu said. “The experiment had to be stopped a year after it began.” Analysts said at the time that a 30 per cent surplus in generation capacity is a pre-requisite for rolling out fully-fledged price competition. The current power surplus is 45 per cent thank to mismatch between supply and demand, as new power plants were completed just as a drastic slowdown in power demand began three years ago. Having learned a lesson, Beijing has proceeded cautiously in the latest round of reform. Instead of pushing for widespread power bidding, it started by encouraging generators and large industrial and commercial end-users to negotiate volumes and prices bilaterally, by-passing the grid operators. At the same time, it forced the grid companies to calculate and report their own operating costs, on which distribution tariffs were set on the basis of a “reasonable return” plus “permitted costs”. They are encouraged to cut costs, under an incentive system that allows them to keep some of the savings instead of passing them on to end-users.  The grid companies were also stripped of their monopolies in the retail segment, as other firms, including many privately-owned firms, were allowed to enter the retailing business.

- medicine

• http://finance.sina.com.cn/china/gncj/2016-05-20/doc-ifxsktkp9045768.shtml2015年10月，经国务院批准，卫生计生等16个部委（局）建立了药品价格谈判部际联席会议制度，组织专家全面梳理国内专利药品、独家生产药品状况，结合我国重大公共卫生和疾病防治的用药需求，遴选确定首批谈判药品，成立谈判小组，制定谈判流程和策略，同步建立谈判和监督工作机制。11月下旬，正式启动首批国家药品价格谈判。谈判小组先后与乙肝、非小细胞肺癌专利药品相关企业进行了多轮谈判。在此过程中，注重发挥部门政策合力，密切配合，共同推进谈判工作。相关企业以积极的合作态度和较强的社会责任感，为达成共享多赢的谈判结果做出了努力。
• http://pdf.wenweipo.com/2016/07/07/a17-0707.pdf據新華社報道，國 家發改委昨日宣佈，內地將全面推進 醫療服務價格改革，到 2020年基本理 順醫療服務比價關係。公立醫療機構 提供的特需醫療服務和其他市場競爭 充分、個性化需求較強的醫療服務實 行市場調節價。
• http://orientaldaily.on.cc/cnt/china_world/20170213/00178_003.html國務院辦公廳上周四公布《關於進一步改革完善藥品生產流通使用政策的若干意見》，要求醫藥代表往後不得承擔藥品銷售任務，意味全國三百萬的醫藥代表將面臨失業危機。
• 訊 據新華社報道，近日，國務院辦 公廳印發《關於進一步做好短缺藥品保供穩價工作 的意見》（以下簡稱《意見》）。《意見》指出， 黨中央、國務院高度重視短缺藥品供應保障工作。http://pdf.wenweipo.com/2019/10/12/a13-1012.pdf
• 國務院常務會議表示，要求推進仿製藥的集中採購和使用，進一步降低藥價，減輕民眾負擔。有分析指，第二批國家「帶量採購」藥品即將展開。消息令醫藥股昨日股價普遍向下，中國生物製藥(01177)及石藥集團(01093)昨日股價均跌逾2%。會議提出多項藥物集中採購的具體政策，包括將原料藥與仿製藥差額較大的藥物納入集中採購、建立藥品國家集中採購平台等。https://orientaldaily.on.cc/cnt/finance/20191122/00202_022.html

Encourage consumption
- 國務院總理李克強昨日主持召開國務院常務會議，確定進一步擴大國內消費的政策措施，促進服務業發展和經濟轉型升級；部署持續深化商事制度改革，更大降低創業創新制度性成本。http://pdf.wenweipo.com/2016/10/15/a18-1015.pdf
http://paper.takungpao.com/resfile/PDF/20161015/PDF/a9_screen.pdf
- 商務部等 14部門日前聯合印發 了《關於培育建設國際消費中心城市的指導意 見》，指出將利用 5年左右時間 ，形成一批專業 化、特色化、區域性的國際消費中心城市 ，使其成 為擴大引領消費、促進產業結構升級、拉動經濟增 長的新載體和新引擎。 商務部研究院國際市場研究所副所長白明指出， 受到當前國際經濟及中美貿易戰的影響，培育內需 市場成為提高經濟發展的主要動力，同時中國也有 擴大進口，發展服務貿易的需求。在這過程中，發 揮出一些大城市的國際影響，可以起到優化消費資 源配置的作用。 本次的《指導意見》明確了六大重點任務來引導 國際消費中心城市的建設。包括發展品牌經濟，吸 引國內外知名品牌新品首發；打造一批具有較強國 際影響力的新型消費商圈；促進傳統百貨店、大型 體育場館、閒置工業廠區向消費體驗中心、休閒娛 樂中心、文化時尚中心等新型發展載體轉變等。 促進時尚文創產業發展 實際上，在今年年初，商務部明確提出開展「國 際消費中心城市」建設試點，各城市迅速響應。北 京、上海、廣州、深圳等一線城市，成都、天津、 廈門、青島、大連、哈爾濱等大城市都在致力打造 國際消費中心城市。http://pdf.wenweipo.com/2019/10/26/a06-1026.pdf

estate
-虚拟财产继承(xūnǐ cáichǎn jìchéng): Virtual property inheritance http://www.chinadaily.com.cn/opinion/2017-12/05/content_35208218.htm

金融控股集團
- 據彭博引述消息知情人士透露，中國擬定挑選五家內地企業作為金融控股集團監管的首批試點名單。納入試點名單的企業包括螞蟻金服、光大集團、中信集團、蘇寧控股集團和招商局集團，其後試點企業數目可能會擴大至約20家。http://orientaldaily.on.cc/cnt/finance/20180523/00202_013.html

- 國務院總理李克強9月2日主持召開國務院常務會議，要求堅持穩健的貨幣政策靈活適度，着眼服務實體經濟明確金融控股公司准入規範，會議通過《關於實施金融控股公司准入管理的決定》，明確非金融企業、自然人等控股或實際控制兩個或兩個以上不同類型金融機構，並且控股或實際控制的金融機構總資產規模符合要求的，應申請設立金融控股公司。會議要求，對金融控股公司監管要依法依規、穩妥有序推進實施，防範化解風險，增強金融服務實體經濟能力。http://pdf.wenweipo.com/2020/09/03/a16-0903.pdf

Bank
- http://www.chinadaily.com.cn/business/2015-02/02/content_19464926.htm Foreign banks in China remain optimistic about their prospects, Ernst & Young LLP said in arecent survey of 41 locally incorporated foreign banks. Many of these banks expect 8 to 15 percent revenue growth for 2017 and 13 banks expect 20percent or higher revenue growth. But many respondents said that they still find the market "challenging and complicated" becauseof the issues raised by financial reform and economic restructuring. They identified regulatory challenges including access to the bond market, rules and regulationsand capital and liquidity constraints, says Brian Metcalfe, co-author of the report and associateprofessor at the Goodman School of Business at Brock University in Canada. At the top of bank executives' wish list: remove foreign debt quotas, remove foreign guaranteequotas and ensure better coordination among regulators. Foreign banks expressed concern about liquidity management, which is closely related tofunding sources. Thirty banks revealed that their funding depends heavily on their parent banks'funding and corporate deposits, says Shelley Chia, a partner in the E&Y greater China financialservices organization.
-  julius bär boris f. j. collardi considered chinese regulatory environment complicated, will consider establishing in china if only one licence is needed.  Currently the company is cooperating with Bank of China. hket 24oct14 a16
- http://www.ft.com/intl/cms/s/0/3cc92a34-76b7-11e4-a704-00144feabdc0.html China is poised to launch a nationwide deposit insurance scheme, a crucial step towards removing an implicit guarantee that the government will not allow banks to fail. The long-awaited plan will insure deposits up to a maximum limit of Rmb500,000 ($81,336), a threshold that will cover about 98 per cent of deposits in Chinese commercial banks, local media reported on Friday, citing unnamed central bank officials.

• http://www.scmp.com/business/banking-finance/article/1652574/pboc-unveils-deposit-protection-scheme-500000-yuan-coverage, http://europe.chinadaily.com.cn/business/2014-12/01/content_19000258.htm

- 7月20日晚，中國銀保監會發布《商業銀行理財業務監督管理辦法 （徵求意見稿）》，中國央行發布《關於進一步明確規範金融機構 資產管理業務指導意見有關事項的通知》http://paper.takungpao.com/resfile/PDF/20180813/PDF/b3_screen.pdf

- 兩會期間，五月二十五日，包商銀行正式告別金融市場，業務由蒙商銀行、徽商銀行接盤。這也是內地首次有大型商業銀行倒閉。包商銀行在二○一八年還曾經位列內地銀行百強榜第三十七位，去年因為嚴重的信用危機被人民銀行和銀保監會接管。而P2P跑路、網貸平台爆雷、大型非法集資案件、上市公司造假等金融亂象，有些已經引發地方金融風險事件，也對社會維穩造成嚴重衝擊。目前中國經濟體量和行業業態發生巨變，完全中央集權鞭長莫及。一八年機構改革，各省普遍組建地方金融監管局，分工負責監管小額貸款公司、區域性股權市場、社會眾籌機構、地方資產管理公司等十一類機構。但分權又容易造成監管盲區和脫節。從一季度開始，金融委部署新安排，由人行省級分行牽頭，在每省設立一個地方協調機制，成員包括駐當地的銀保監局、證監局以及該省的地方金融監管局、財政廳、發改委，共享資訊，監測風險變化，清查非法集資、網貸、融資擔保、重點企業債務等問題。各協調機制均直屬國務院金融委。但央行分支機構協調地方金融監管，並無現行法律依據。https://orientaldaily.on.cc/cnt/news/20200601/00184_010.html
- foreign ownership

• http://www.scmp.com/business/china-business/article/1667613/china-eases-rules-foreign-banks-branch-openings, http://www.ecns.cn/business/2014/12-22/147552.shtml China will widen the opening-up of its financial sector by relaxing control over market access for foreign-funded banks, the State Council announced on Saturday in its latest decision to reviseregulations on the administration of such banks. According to previous regulations issued in 2006, when a wholly foreign-funded bank or a Chinese-foreign joint venture bank establishes a branch in China, the branch shall receive from its parent bank a non-callable allocation of no less than 100 million yuan ($16 million) or an equivalent amount in convertible currencies as its operating capital. That requirement on the amount of noncallable allocation of operating capital has been removed from the revised regulations, effective as of Jan 1. In the past, a foreign bank should have maintained a representative office in China for more than two years before the bank applied to establish its first branch in the country. That restriction has also been removed, said officials from the Legislative Affairs Office of the State Council and the China Banking Regulatory Commission. ft 22dec14 "China eases rules for foreign banks", http://pdf.wenweipo.com/2014/12/21/a14-1221.pdf 據新華社報道，國務院總理李克強日前簽署國務院令，公佈《國務院關於修改〈中華人民共和國外資銀行管理條例〉的決定》，將自2015年1月1日起施行。國務院 2006年公佈施行《中華人民共和國外資銀行管理條例》，對外資銀行的設立與登記、業務範圍、監督管理等作了明確規定，其中對外資銀行准入和經營人民幣業務規定了較為嚴格的條件。
• 央行已經牽頭初步擬定了內地金融市場進一步開放的一攬子計劃，將使外國投資者獲得內地金融服務業更大程度的市場准入。彭博通訊引述不具名知情人士指，央行於今天與主要金融機構及監管機構召開內部研討會進行討論。草擬的一攬子計劃中，包括放寬外資在中資銀行入股不得超過25%的上限。http://pdf.wenweipo.com/2017/09/19/b03-0919.pdf
• 中国银监会就修改外资银行行政许可事项实施办法徵求意见。其中，拟取消外资银行开办代客境外理财业务、代客境外理财託管业务、证券投资基金託管业务、被清算的外资金融机构提取生息资产等四项业务的审批，实行报告制。据介绍，办法修改的主要内容除上述事项外还包括：增加关于外资法人银行投资设立、入股境内银行业金融机构的许可条件、程序和申请材料等规定，为外资法人银行开展对银行业金融机构的股权投资提供了明确的法律依据；进一步统一中外资银行市场准入标准：合併支行筹建和开业审批程序，仅保留支行开业审批；优化外资银行募集发行债务、资本补充工具的条件；简化高管资格审核程序，对于同质同类外资银行机构间的平级调动或改任较低职务的情形，由事前核准改为备案制。http://paper.takungpao.com/resfile/PDF/20171229/PDF/b2_screen.pdf
• https://www.ft.com/content/6ad91cc6-4789-11e8-8ee8-cae73aab7ccb the Asia Securities Industry & Financial Markets Association (Asifma), a trade body that represents banks and asset managers, has warned that global investment banks, including Goldman Sachs, Citigroup, UBS, Credit Suisse and Morgan Stanley still face huge barriers that threaten to block attempts to control their joint ventures. Clauses in rules proposed in March would make it almost impossible for foreign entities to take a controlling stake of 51 per cent, Asifma said, based on consultations with the biggest players in the industry.
• ft 20aug18 "trade war imperils foreign banks' chiba plans"
•  中國銀保監正式取消中資銀行和金融資產管理公司外資持股比例限制；遵循國民待遇原則，不對外資入股中資金融機構作單獨規定，中外資適用統一的市場准入和行政許可辦法。《決定》規定，外資入股包括國有控股大型商業銀行、郵政儲蓄銀行、股份制商業銀行、城市商業銀行、農村商業銀行、村鎮銀行等銀行，按照入股時被投資銀行的 機構類型實施監督管理。不因外資入股而將上述銀行變更為《外資銀行管理條例》所規範的外商獨資銀行或中外合資銀行。對外資入股的上述銀行，在市場准入、業 務範圍、經營地域等方面，適用與該機構類型相對應的許可規章和其他審慎監管規定。http://paper.takungpao.com/resfile/PDF/20180824/PDF/b3_screen.pdf

- http://pdf.wenweipo.com/2015/01/14/b05-0114.pdf 銀行線上業務即將迎來全新時代，近日央行下發文件，意在鬆綁面簽政策，未來客戶遠程「刷臉」即可開戶。業內人士指出，一旦遠程開戶破冰，網售理財項目以及虛擬信用卡等創新業務也將獲益開啟，銀行發展或將步入全新格局。
- government requires inspection over supply of computing products to banks http://www.hkcd.com.hk/pdf/201501/0130/HZ16130CZGG.pdf, http://www.scmp.com/news/china/article/1697491/tough-security-tests-banks-foreign-suppliers, http://www.scmp.com/business/china-business/article/1696694/chinas-new-tech-rules-seen-bias-towards-local-suppliers Draft central government regulations would force technology vendors to meet stringent security tests before they can sell to mainland banks, an acceleration of Beijing’s efforts to curb reliance on foreign technology that has drawn a sharp response from business groups in the United States.

• http://www.reuters.com/article/2015/03/18/china-security-usa-idUSL2N0WK1J420150318 The United States has joined forces with Japan and the European Union to pressure China on new bank cybersecurity rules that have upset foreign companies, a senior U.S. official said on Wednesday. Deputy Trade Representative Robert Holleyman said the United States would keep lobbyingChina to put a hold on the rules, which would force technology vendors to Chinese banks to hand over secret source code and adopt Chinese encryption algorithms, until there was a "satisfactory resolution." "We are working to try to break down those barriers, and we have also secured support from our allies and trade partners in Japan and the EU," Holleyman, who raised the issue with Chinese officials during a visit to Beijing last week, told the National Lieutenant Governors Association.
• http://uk.reuters.com/article/2015/04/17/uk-china-bank-rules-idUKKBN0N808T20150417 China has put on hold bank-technology rules that Washington and others complained amount to unfair regulatory pressure on foreign firms, a government notice seen by Reuters said. The notice, dated Monday and issued by China's bank and tech industry regulators, said the rules to improve the security of banking technology were suspended until further notice while the government solicits feedback from banks. The rules sparked concern among foreign business groups and governments after they were issued in December. Their suspension comes as U.S. Secretary of Commerce Penny Pritzker visits China on a high-profile trade mission to drum up business for U.S. firms. "I think the government concern is reasonable, but it's technically impossible to comply with such rules," said a banker working at a foreign bank in China who declined to be identified.

- http://www.scmp.com/business/banking-finance/article/1721745/puff-not-wind-change-foreign-banks-china-2015
- http://www.scmp.com/business/banking-finance/article/1801409/foreign-banks-big-winner-end-china-loan-deposit-rule Lending locally as a foreign bank in China is a dismal business. But the job stands to get easier this year if the regulators ditch a clunky rule that dates back to the days of the command economy. Officials at the China Banking Regulatory Commission said this month that they were looking to dump its loan-deposit ratio rule that restrains banks from lending out more than 75 per cent of the deposits they have taken in China. The plan outlined by the commission was to change the ratio from a regulatory indicator that all banks must meet to a reference indicator as a gauge of solvency in the market. No timeframe has been set, but analysts have said the change could be made as early as the third quarter of the year. That is good news for everyone in banking in China, not just the foreigners. But to international banks that have incorporated in China and sought to do the bread-and-butter business of taking deposits and making loans locally, the rule is a major hurdle on a long list of obstacles to becoming domestically competitive.
- http://www.chinadaily.com.cn/business/2015-06/27/content_21118781.htm The banking regulator on Friday officially started accepting applications fromprivate enterprises to invest in the sector, which has long been strictly regulated. The move represents a transition from last year's pilot program to allow thecreation of private banks as a routine practice. It is also a major step in liberalizingChina's financial sector. "All channels for private capital to enter the banking sector are now open," ChinaBanking Regulatory Commission Chairman Shang Fulin told a news conference inBeijing. Guidelines issued by the CBRC on Friday said that to be eligible, private companiesmust: 
・ have been profitable in each of the past three years
・ possess net assets comprising more than 30 percent of total assets after theyear-end bonus distribution
・ achieve an outstanding balance of equity investment that is less than 50 percentof net assets
・ have a sound corporate governance structure and reputation and clean creditand tax records.
More than 40 domestic private enterprises have expressed interest in setting upbanks. Shang said that the CBRC will announce decisions on those applicationswithin four months after they are made. He also noted that private banks must have arrangements to deal with "residualrisks" that are not covered by the deposit insurance system, which providescoverage of up to 500,000 yuan ($81,000) for individual bank accounts.

mobile banking

- 中銀香 港（02388）宣布，擴展 手機開戶服務至10個香港 以外的國家及地區。除中 國香港外，身處中國內地、中國澳門、 馬來西亞、印尼、菲律賓、越南、泰國 、文萊、加拿大及澳洲等10個國家及 地區的香港居民，可24小時透過中銀 香港手機應用程式，遙距開立賬戶及使 用電子銀行服務。http://paper.takungpao.com/resfile/PDF/20200717/PDF/b1_screen.pdf

virtual bank
- 近年中國逐步對外開放金融市場，市傳內地正研究制訂銀行新規，允許外資銀行與科技公司合作開設虛擬銀行，外資公司並有望獲准持有多數股權，成為控股股東。https://orientaldaily.on.cc/cnt/finance/20200115/00202_010.html

Interbank market
- http://www.scmp.com/business/banking-finance/article/1839179/china-eases-rules-foreign-investors-interbank-market, http://www.chinadaily.com.cn/business/2015-07/15/content_21283648.htm China has issued new rules making it easier for foreign central banks, sovereignwealth funds and global financial organizations to access its interbank bondmarket, the latest step in the opening up of Asia's largest economy. They will no longer need pre-approval to trade bonds, interest-rate swaps andconduct repurchase agreements, and can do so after filing a registration form, thePeople's Bank of China said in a statement posted on its website on Tuesday.
- http://orientaldaily.on.cc/cnt/finance/20160729/00202_004.html 中銀監確認正研究制訂《商業銀行理財業務監督管理辦法》，指目前處於內部研究論證與徵求意見階段，下一步會根據意見修訂《辦法》，並按各方意見修改完善後適時發表。滙豐指，措施落實後，預期中小型銀行最多達1.5萬億元理財產品資金會被禁止入市，但因規模相當於可流通市值的3%，相信影響有限，維持滬綜指3,200點目標不變。

- private banks

• http://www.chinadaily.com.cn/business/2016-06/16/content_25729541.htm Twelve privately owned banks have entered the project demonstration stage beforegetting final approval to begin operations, said the China Banking RegulatoryCommission on Wednesday. The CBRC has written detailed rules specifying the principles, policies, standardsand procedures for the approval of the establishment of private banks. The marketniche for these private banks includes internet finance and supply chain finance,depending on the backgrounds of their major shareholders and local governmentsupport. They will mainly target micro and small companies.
• http://www.chinadaily.com.cn/bizchina/2016-08/01/content_26293682.htm China will soon kick off the second round of awarding licenses for private banks.Five private banks had opened for business in 2015. Some of the aspirants said if they receive the banking license, they wouldconcentrate on providing financial services to technology companies. Regulators have completed their feasibility study for setting up a private bank inFujian, a province on the southeast coast of China, according to the China BankingRegulatory Commission's Fujian Office. Campus placement ads posted earlier this year by Fujian Huatong Bank, which isstill taking shape, shows it was promoted by 10 Fujian-based leading companiesacross various sectors, including retail, manufacturing and real estate. With a registered capital of 3 billion yuan ($450 million), the bank will position itselfas a financial technology company and seek to build the core business frameworkaround financial technology, innovative payment solutions and supply chainfinance. With emphasis on financial inclusion, it will mainly provide online financialservices, supplemented by offline services. Its promoters include three major names: Fujian Eversun Holdings Co Ltd, a groupthat runs new nylon material, petrochemical, real estate and finance businesses;Yango Holdings Group, a company that is engaged in real estate, internationaltrade, finance, education and healthcare businesses; and Yonghui Superstores CoLtd, a supermarket operator. China has been steadily promoting the entry of private capital into the bankingsector through multiple channels, such as allowing private companies to initiate theestablishment of privately owned banks. Twelve private banks are half way through the process of obtaining the necessaryapprovals. The regulator's decision is awaited. Shanghai already has a private bank, its first, but is ready for another in the city'sZhangjiang Hi-tech Industrial Development Zone. Cao Zhenquan, executive deputy director of the administrative committee of thedevelopment zone, said promoters of Zhangjiang Bank plan to submit application-related documents to the CBRC any time now. It wants to focus on financial services for small and medium-sized technologycompanies in the region and popularize business models like the "investment-loanlinkage" mechanism.
• http://www.chinadaily.com.cn/bizchina/2017-01/16/content_27961167.htm first five private banks

- internal audit

• http://paper.takungpao.com/resfile/PDF/20160114/PDF/b6_screen.pdf中國銀監會表示，為推動商業銀 行提高內部審計的獨立性和有效性，並發揮內部審 計作為風險管理第三道防線的作用，就《商業銀行 內地審計指引（徵求意見稿）》向公眾徵求意見。

blockchain
- http://www.chinadaily.com.cn/bizchina/2017-01/11/content_27919985.htm The Postal Savings Bank of China Co Ltd announced on Tuesday that it has launched a blockchain-based system for its asset custody business. This is the Chinese banking sector's first application of blockchain technology to the core banking business system. Jointly created by PSBC and IBM, the system was launched in October 2016 and has carried out more than 100 transactions in real business environments since then. An asset custody business typically involves four parties－clients, asset managers, asset custodians and investment advisers.
- 据内地财新网报道，中国央行推动的基于区块链的数字票据交易平台已测试成功，由央行发行的法定数字货币已在该平台试运行，近期将成立研发中心持续完善；春节后央行旗下的数字货币研究所也将正式挂牌。这意味央行将成为全球首个发行数字货币并开展真实应用的中央银行，并率先探索了区块链技术的实际应用。　　报道称从多个权威渠道获悉，去年12月中旬数字票据基于区块链的全生命周期的登记流转和基于数字货币的票款对付（DVP）结算功能已经全部实现，显示数字货币在数字票据场景的应用验证落地。目前已按计划完成了数字票据平台、数字货币系统模拟运行环境的上线部署，并与试点银行进行了网络联通。此次实践是法定数字货币在数字票据交易平台应用，运行范围是参与的商业银行，应用于个人生活场景还要继续探索。http://paper.takungpao.com/resfile/PDF/20170126/PDF/a18_screen.pdf
- Blockchain technology institution launched. China Daily - 2017-09-01 
- 國家發改委指導下的中國投資協會表示，該協會將在其外資投資專業委員會下設立「國際區塊鏈投資發展中心」，未來有望推出行業標準和規範，建立區塊鏈投資聯盟和投資基金。據澎湃新聞昨天報道，近日，一則《關於成立中國投資協會外資委國際區塊鏈發展中心的批覆》在網絡上流傳，文件稱，為進一步貫徹落實國家「十三五」規劃有關積極發展區塊鏈技術的精神，大力促進我國區塊鏈的研發、應用、推廣、投資和創新，加強區塊鏈資源的整合與國際合作，經研究批准同意，在中國投資協會外資投資專業委員會下設立「國際區塊鏈投資發展中心」。文件顯示，國際區塊鏈投資發展中心的工作內容是：全面對接國內外區塊鏈資源，投資中國區塊鏈產業優質項目，為國外有關機構投融資區塊鏈提供諮詢服務，並組織與此有關的研討會議和國際區塊鏈高峰論壇。http://www.hkcd.com.hk/content/2018-03/15/content_3718043.htm


digital currency
- http://www.scmp.com/news/china/article/2108786/china-mulls-crackdown-digital-currency-fundraising-schemes The Chinese government is preparing new rules on digital coin offerings and may ban them until the rules are in place, Chinese media outlet Caixin reported, citing unidentified sources.


opening bank account
- http://orientaldaily.on.cc/cnt/china_world/20161130/00182_001.html 中國人民銀行日前以「特急」形式下發一份通知，要求從十二月一日起，各間銀行實行個人銀行帳戶分類管理新政。這看似是央行對各商業銀行的日程業務管理，實際上對遏制金融領域的犯罪具有深遠影響。根據新政，個人在銀行開立帳戶，每人在同一家銀行只能開立一個Ⅰ類帳戶；已經有Ⅰ類帳戶的，再開戶只能是Ⅱ、Ⅲ類帳戶。Ⅰ類帳戶功能齊全，資金流入流出無限額，可以作為工資帳戶或個人財富主帳戶，主要用於大額消費、大額資金流轉、儲蓄存款及投資理財。Ⅱ類帳戶不能對外轉帳，但可理財和綁定支付帳戶等。Ⅲ類帳戶只能用於小額消費，餘額不超過一千元人民幣。



policy directed credit
- http://www.scmp.com/news/china/policies-politics/article/1913587/new-command-i-give-you-help-one-another-china-orders China’s economic and financial institutions were on Tuesday ordered to do more to help industrial firms as Beijing issued guidelines aimed at bolstering growth a day after Premier Li Keqiang vowed to act decisively to arrest a deepening slowdown in the Chinese economy.

The guidelines – jointly issued by the central bank, planning agency, finance ministry and financial regulators – required banks to grant more credit to buyers of clean-energy cars and second-hand vehicles; to continue lending to some clients in the steel, non-ferrous metal, coal mining and ship building sectors; and to boost financial support for the Made in China 2025 state strategy to upgrade the country’s manufacturing competencies.

融資體制
- 在中國投資增速持續回落，6月份民間投資增速跌至「谷底」的情況下，新華社昨日受權播發《中共中央、國務院關於深化投融資體制改革的意見》（下簡稱《意見》），希望以此降低融資成本、暢通投資渠道，穩住投資這塊「壓艙石」，發揮其對穩增長、調結構、惠民生的關鍵作用。綜合新華社、中新社報道，《意見》明確了深化投融資體制改革的重點工作：一是改善企業投資管理，充分激發社會投資動力和活力。二是完善政府投資體制，發揮好政府投資的引導和帶動作用。三是創新融資機制，暢通投資項目融資渠道。四是切實轉變政府職能，提升綜合服務管理水準。五是強化保障措施，確保改革任務落實到位。《意見》進一步明確了政府投資範圍：政府投資資金只投向市場不能有效配置資源的社會公益服務、公共基礎設施、農業農村、生態環境保護和修復、重大科技進步、社會管理、國家安全等公共領域的項目，以非經營性項目為主，原則上不支持經營性項目。http://pdf.wenweipo.com/2016/07/19/a17-0719.pdf

lpr
- 昨日最新發布的《最高人民法院關於審理民間借貸案件適用法律若干問題的規定》，以人民銀行授權全國銀行間同業拆借中心每月20日發布的一年期貸款市場報價利率（LPR）的4倍為標準，確定民間借貸利率的司法保護上限。例如，今年7月20日發布的一年期貸款市場報價利率3.85%，民間借貸利率的司法保護上限即15.4%。由此可見，民間借貸利率司法保護上限將是動態調整，但15.4%與此前規定 「以24%和36%為基準的兩線三區」相比已出現大幅下降。http://hk.hkcd.com/pdf/202008/0821/HA07821CZGG_HKCD.pdf


Rural bank
- http://paper.takungpao.com/resfile/PDF/20160227/PDF/b3_screen.pdf 中國銀監會下發通知，強化對加快農業現代化的金融支持。其中，支持郵儲銀行建立三農金融事業部；支持民間資本參與發起設立村鎮銀行；支持符合條件的各類發起人發起設立服務“三農”的金融租賃公司，開發適合“三農”特點、價格公允的產品和服務。　銀監會網站的通知稱，繼續將推進農村基礎金融服務全覆蓋作為一項重大政治任務列入議事日程，作為大力發展普惠金融的一項戰略性工程予以重點推動。逐步創造條件，力爭在2020年底全面消除金融機構空白鄉鎮，在具備條件的行政村推動實現基礎金融服務“村村通”。要立足“三農”需要，堅持市場導向，兼顧發展差異，積極探索低成本、可復製、易推廣、量體裁衣式的農村金融產品和服務方式。要強化監管政策引領，加強涉農信貸風險管控。充分利用各類資源，形成政策支持合力，促進農村金融服務能力和水平持續提升。


Credit card
- http://www.scmp.com/business/banking-finance/article/1968737/chinas-55-trillion-yuan-credit-card-clearing-market-now China on Tuesday officially ended the longstanding monopoly held by its home-bred champion UnionPay over the Chinese bank card market and announced that its enormous credit card clearing market is open for competition to domestic and foreign players. For companies like Visa and MasterCard, the move has been four years in the making since a 2012 World Trade Organisation ruling which decided it was discriminatory of China to bar foreign electronic payment processors from handling yuan-denominated transactions.


Online finance
- http://www.scmp.com/news/china/economy/article/1841220/beijing-unveils-guidelines-online-finance-market, http://www.hkcd.com.hk/pdf/201507/0719/HA01719CGAA.pdf
- http://www.ft.com/intl/cms/s/0/aea850ee-311f-11e5-8873-775ba7c2ea3d.html china's move to regulate internet finance is a positive step towards legitimising a sector that has largely operated in a vacuum, analysts say, but the rules also reflect the government's support for incumbent banks. Ten agencies including the central bank, the banking regulator and the securities regulator jointly issued guidelines this month that provide an official definition of “internet finance” and specify which agencies are responsible for regulating which types of internet financial institutions.
- http://www.hkcd.com.hk/pdf/201509/0908/HZ25908CZXX.pdf guidance issued on 6sep15
- http://paper.takungpao.com/resfile/PDF/20161014/PDF/a15_screen.pdf國務院聯合一行三會等17個部門開展互聯網金融專項整治行動，重點整治P2P 網絡借貸、股權眾籌、互聯網保險、第三方支付、通過互聯網開展資產管理及跨界從事金融業務、互聯網金融領域廣告等領域。專項整治工作已於2016年4月開始，計劃於明年三月底前完成。
- http://www.chinadaily.com.cn/bizchina/3rdWuzhenWorldInternetConference/2016-11/19/content_27427525.htmTo ensure sustainable development of the fast growing internet financial services industry, China will build a system to supervise products and regulate market entry, a top central bank official said on Friday.


P2P lending/non-deposit taking company lending
- http://www2.hkej.com/instantnews/china/article/1055837 中國人民銀行條法司副司長劉向民透露，人行正牽頭起草非存款類放貸組織條例，對各類不吸收公眾存款，但從事放貸業務的機構和個人實行牌照管理，納入統一監管，同時明確地方政府的主體責任。《中國證券報》引述劉向民在一論壇上表示，非存款類放貸組織條例將確立一個公平、透明、可持續的政策環境和法律制度基礎，有助深入貫徹發展普惠金融的精神，增加信貸市場的多層次性，更能滿足不同市場的信貸需求。
- http://paper.takungpao.com/resfile/PDF/20150807/PDF/a14_screen.pdf 最高法6日公佈的一則司法解釋，對民間借貸行為及主體範圍做出了清晰的界定。借貸雙方約定的利率未超過年利率24%，出借人有權請求借款人按照約定利率支付利息，若超過年利率36%以上的利息約定則無效。該司法解釋自今年9月1日起施行，將有利於緩解企業“融資難”、“融資貴”等頑疾。　綜合中新社、北京晚報報道：6日，最高人民法院通報了《關於審理民間借貸案件適用法律若干問題的規定》。這則司法解釋明確：“借貸雙方約定的利率未超過年利率24%，出借人請求借款人按照約定的利率支付利息的，人民法院應予支持。借貸雙方約定的利率超過年利率36%，超過部分的利息約定無效。借款人請求出借人返還已支付的超過年利率36%部分的利息的，人民法院應予支持。”　根據該司法解釋規定，民間借貸是指自然人、法人、其他組織之間及其相互之間進行資金融通的行為。企業之間為了生產、經營需要簽訂的民間借貸合同，只要不違反合同法相關規定，法院應予認定。企業為了生產經營的需要而相互拆借資金，司法應當予以保護。　　最高人民法院審判委員會專職委員杜萬華當日介紹民間借貸案司法解釋出台的原因時表示，主要有民間借貸的內容、主體發生變化，打擊非法集資，規範企業間借貸，借貸利率等五方面原因。
- http://www.hkcd.com.hk/pdf/201508/0813/HA08813CZXX.pdf registered capital not less than 5million- http://www.chinadailyasia.com/business/2015-12/29/content_15364734.html The government has started to elicit public opinion on the first regulation for peer-to-peer lending and other relevant platforms on Monday to prevent financial risks and better safeguard the safety of the lenders. The upcoming regulation defines P2P lending companies as financial information service intermediaries for direct lending between unrelated individuals via Internet platforms. It forbids P2P lending companies from carrying out 12 kinds of businesses, including accumulating funds from lenders, providing guarantees to lenders, promising to preserve the lenders' capital and interests, as well as selling bank wealth management products, funds, insurance and trust products. P2P lending platforms are required to put their clients' money into the custodian of qualified banking institutions and to manage the clients' money and the platforms' own capital in separate accounts.- http://pdf.wenweipo.com/2016/01/11/b02-0111.pdf 內地傳媒昨日報 道，上海市工商局自今年1月4日起，已暫停互聯網 金融等金融類公司的新註冊登記。凡是涉及經營 「金融」及「外包」等字眼的註冊，都無法得到批 准，不過現存平台運作則不受影響。上海市金融辦 對此暫未有回應。 有關報道由內地澎湃新聞引述多家公司註冊代理 公司消息，除了上海外，早前亦傳出深圳於1月1日 起暫停新增互聯網金融平台註冊。
- http://www.bloomberg.com/news/articles/2016-04-21/china-suspends-registrations-of-financial-firms-caixin-reports China suspended new registrations of finance companies nationwide as authorities started a crackdown on Internet finance, business magazine Caixinreported, citing unidentified people familiar with the matter. Applicants with finance-related names or businesses can no longer simply register with local offices of the State Administration for Industry & Commerce, Caixin reported Thursday. Firms will instead first need approvals from financial regulators, it said. The change is part of a campaign to clean up online finance that began April 14 and will end by January next year, the magazine said. China Business News reported on Thursday that the government’s efforts will last for a year. The central bank is leading the campaign, involving multiple government agencies, Caixin reported previously. Policy makers are cracking down on Internet-based unconventional financing that threatens to undermine financial stability and stoke social unrest after the failure of thousands of online peer-to-peer lenders, some suspected of fraud. Online financing added fuel to last year’s stock bubble.
- http://www.scmp.com/news/china/economy/article/2008379/china-tightens-regulations-peer-peer-lending
- 記者昨日獲 悉，互金整治領導小組和網貸整治領導小組近日 聯合召開加快網絡借貸機構分類處置工作推進 會。會議明確，下一階段要堅定持續推進行業風 險出清，將穩妥有序化解存量風險、多措並舉支 持和推動機構良性退出或平穩轉型作為重點，切 實保護投資人合法權益，維護各地經濟金融和社 會政治穩定。http://pdf.wenweipo.com/2019/11/04/a07-1104.pdf

融 資 租 賃 業
- http://paper.takungpao.com/resfile/PDF/20150610/PDF/b3_screen.pdf 中國首個《融 資 租 賃 藍 皮 書 ： 中 國 融 資 租 賃 業 發 展 報 告 （ 2014-2015）》昨日發布。報告指出，中國融資租賃 業迎來蓬勃發展 「大時代」，但是政府相關配套政策 尚未及時跟進。 該報告是由中國社會科學院金融研究所、特華博 士後科研工作站及社會科學文獻出版社共同發布。據 統計，截至2014年底，融資租賃企業總數超過2000家 ，增長速度為100%。融資租賃合同餘額超過3萬億元 人民幣，增長速度超過50%。 市場滲透率遠低歐美 報告預計，在 「十三五」乃至更長一段時期內， 內地融資租賃行業將保持持續快速增長的發展態勢， 新常態經濟條件下租賃行業發展將迎來五大發展機遇 ：產業結構轉型升級，釋放巨大融資租賃需求；城鎮 化和工業化為融資租賃業提供發展空間；深化金融改 革為租賃企業拓寬融資渠道；互聯網金融成為融資租 賃業增長的重要引擎；監管環境優化為融資租賃業發 展保駕護航。 報告指出，內地融資租賃行業與商業銀行、信託 、保險等傳統金融行業有較大差距。融資租賃市場滲 透率仍然遠遠低於歐美發達國家15%至30%水平，這 充分反映了融資租賃這一金融工具服務實體經濟服務 能力有待於進一步提高。當前融資租賃業發展過程中 ，存在租賃企業融資渠道單一、缺乏完整產業鏈、監 管制度不健全、專業人才匱乏、缺乏配套政策支持等 諸多問題。 報告認為，內地目前仍未出台專門針對融資租賃 業的發展規劃，缺乏配套政策支持，部分地方政府的 政策則存在零散、力度不夠等問題。另外，財稅部門 尚未制定專門的稅收優惠政策。同時，缺乏保險、信 貸等綜合優惠政策支持。 為此，報告建議，多渠道解決租賃企業的融資問 題，探討建立行業監管的部際協調機制，進一步加大 對租賃行業的政策支持力度，充分發揮行業協會的自 律作用，積極推動建立融資租賃登記制度，並加快融 資租賃專業人才的培養，同時鼓勵部分地區開展 「先 試先行」。
- 國務院總理李克強昨日主持召開國務院常務會議，部署加快融資擔保行業改革發展，更好發揮金融支持實體經濟的作用，要設立國家融資擔保基金。會議並決定整合建立統一公共資源交易平台，以管理創新促進資源配置高效透明。hket 1aug15
- http://paper.takungpao.com/resfile/PDF/20150827/PDF/a13_screen.pdf 國務院總理李克強26日在北京主持召開國務院常務會議，確定加快融資租賃和金融租賃行業發展的措施，以更好服務實體經濟。　　會議指出，加快發展融資租賃和金融租賃，是深化金融改革的重要舉措，有利於緩解融資難融資貴，拉動企業設備投資，帶動產業升級。　　會議確定，一是厲行簡政放權，對融資租賃公司設立子公司不設最低註冊資本限制。對船舶、農機、醫療器械、飛機等設備融資租賃簡化相關登記許可或進出口手續。在經營資質認定上同等對待租賃方式購入和自行購買的設備。　　二是突出結構調整，加快發展高端核心裝備進口、清潔能源、社會民生等領域的租賃業務，支持設立面向小微企業、“三農”的租賃公司。鼓勵通過租賃推動裝備走出去和國際產能合作。　　三是創新業務模式，用好“網際網路＋”，堅持融資與融物結合，建立租賃物與二手設備流通市場，發展售後回租業務。　　四是加大政策支持，鼓勵各地通過獎勵、風險補償等方式，引導融資租賃和金融租賃更好服務實體經濟。同時，有關部門要協調配合，加強風險管理。http://europe.chinadaily.com.cn/business/2015-08/27/content_21717668.htm

• http://paper.takungpao.com/resfile/PDF/20170323/PDF/b1_screen.pdf重慶銀行董事長甘為民出席業績發布會 時透露，該行持股51%的重慶鈊渝金融租賃 股份，昨日正式獲銀監局開業批准

commercial paper
- http://www.reuters.com/article/us-china-bills-pan-idUSKCN0WB0AX China plans to centralize the country's commercial paper market, central bank vice governor Pan Gongsheng was quoted by Shanghai Securities News as saying on Wednesday. Commercial paper, sometimes known as corporate bills in China, refers to short-term obligations with maturities typically within 270 days issued by banks, corporations and other borrowers to investors with temporarily idle cash. "The central bank is pushing forward to build a unified national bill market, which is included in the central bank's work plan," Pan was quoted as saying.


internet fundraising
- http://usa.chinadaily.com.cn/china/2015-06/12/content_20981738.htm To combat illegal fundraising, including fraudulent peer-to-peer microlending, Beijing has set up a monitoring platform that uses big-data technology. Shen Hong, vice-consul of the Beijing Bureau of Financial Work, said the capital has seen fast growth in such fundraising since last year, and it is getting harder to identify problem companies since the Internet provides a smoke screen for their activities.  "Those who participate in illegal fundraising tend to register companies in Beijing, especially in Chaoyang and Xicheng districts, and conduct fundraising around the country," Shen said.  The bureau had identified 221 cases of illegal fundraising activity involving more than 36 billion yuan ($5.8 billion) by the end of May.  By the end of April, the monitoring platform had identified more than 400 companies at high risk of getting involved in such activities.  Of those, 35 companies - five peer-to-peer Internet lending platforms, 20 private equity funds and 10 third-party financial platforms - have been reported to police and are under investigation. With the development of technology that provides diversified payment channels and convenient communication tools, it is getting harder to detect illegal fundraising, Shen said.



「校園貸」
- http://orientaldaily.on.cc/cnt/china_world/20170618/00178_006.html內地「校園貸」的風氣日益盛行，惟缺乏相關監管的情況下，亂象叢生。中國銀監會、教育部及人力資源社會保障部，近日聯合發布了《關於進一步加強校園貸規範管理工作的通知》（下稱《通知》），要求非經銀監部門批准設立的機構，禁止提供校園貸服務。

消費金融公司
- http://pdf.wenweipo.com/2015/06/11/a22-0611.pdf 據央視網報道，國務院總理李克強昨 內地擴大消費金融公司試點 日主持召開國務院常務會議，決定將消費金融公司試點 擴至全國，增強消費對經濟的拉動力；部署促進跨境電 子商務健康快速發展，推動開放型經濟發展升級；確定 支持農民工等人員返鄉創業政策，增添大眾創業萬眾創 新新動能。 http://www.chinadailyasia.com/business/2015-06/11/content_15275204.html China will expand a pilot consumer credit service that offers small loans with no collateral to encourage more spending, especially from lower-income groups, amid sluggish demand. An executive meeting of the State Council presided over by Premier Li Keqiang approved on Wednesday the expansion of the program from 16 cities to the entire country, saying that consumer finance that mainly serves people with low to medium incomes will release their spending potential.

The decision was made after a bigger-than-expected slide in China's imports and continued easing of the consumer price index in May, indicating further weakening of domestic demand in the world's second-largest economy. Private capital, domestic and foreign banking institutions and Internet companies are all being encouraged to set up consumer credit companies, and the approvals procedure of the companies will be streamlined, according to a statement released after the meeting. The administrative power to approve consumer credit companies, which was previously controlled by the China Banking Regulatory Commission, the nation's top banking watchdog, will be delegated to provincial governments. According to rules set by the CBRC, consumer finance refers to short-term loans for personal purchases of durable goods or services such as home decorations, healthcare and education. China launched pilot programs to approve four consumer finance companies in 2010: the Bank of Beijing Consumer Finance in Beijing, BOC Consumer Finance in Shanghai, Jincheng Consumer Finance in Chengdu and Home Credit in Tianjin. The program was expanded to 16 cities in 2013. The current regulations, revised by the CBRC in 2013, have rigid requirements for consumer finance lenders, including interbank borrowing no higher than 100 percent of the total capital.

- 據中國政府網刊登的新聞稿，國務院昨日召開常務會議表示，加大財稅、金融等政策支持，發展消費信貸，將消費金融公司試點推廣至全國；並暢通商品進口渠道，擴大群眾歡迎的日用消費品等進口，增設口岸進境免稅店，落實和完善境外旅客購物離境退稅政策。http://pdf.wenweipo.com/2015/11/12/b08-1112.pdf 安徽省首家消費金融公司--華融消費金融公司近日獲得中國銀監會批准同意籌建。公司由中國華融主要發起設立，合肥百貨、深圳華強、安徽新安資產等3家企業參股，首期註冊資本6億元人民幣，計劃2016年春節前正式對外營業。消費金融公司在內地發展開始於2009年，由中國銀監會正式頒發金融牌照，被認為是開展個人消費信貸業務的最佳「金牌照」。據悉，2013年安徽省合肥市被納入第二批新增的10個試點城市。http://pdf.wenweipo.com/2015/11/12/a35-1112.pdf

Deposit insurance
- http://www.scmp.com/news/china/article/1730425/countdown-start-deposit-insurance-scheme Rules governing the mainland's long-awaited deposit insurance system, a key part of the reform of the country's banking sector, are set to take effect on May 1 as Premier Li Keqiang pushes ahead with liberalisation of the interest rate mechanism.

Mei Xingbao, a member of Chinese People's Political Consultative Conference (CPPCC), said yesterday that the premier had announced that the start of the programme would require banks to deposit a portion of the funds into a designated insurance institution to cover losses from bad loans. The premier addressed a CPPCC panel discussion on Wednesday while Mei, an external supervisor at the Bank of China and formerly president of Orient Asset Management, was attending the meeting.
- http://pdf.wenweipo.com/2015/04/01/a21-0401.pdf 國務院昨日公佈《存款保險條例》，並將於 2015年 5月 1日 起施行， 標誌着中國醞釀 21年之久的存款保險制度正式建立。條例規定，包括外商獨資銀行和中外 合資銀行在內的、於中國境內設立的、吸收存款的銀行業金融機構，都應當參加存款保險，費率將低 於國際平均水平。存款保險實行限額償付，最高償付限額為50萬元（人民幣，下同）。

Shadow banking
- http://www.scmp.com/business/banking-finance/article/1681855/china-issues-draft-rules-tighten-supervision-entrusted
- article on regulating shadow banks http://www.hkcd.com.hk/pdf/201502/0205/HZ14205CZXX.pdf
- http://www.scmp.com/business/article/1710152/pboc-keeps-close-watch-shadow-banking-bad-debt-amid-china-slowdown Mainland China’s No. 2 monetary policymaker told world finance leaders this week that the central bank was closely monitoring shadow banking and local government debt on the mainland, as bad loans increase and economic growth grinds at a 24-year low.

Investment banking
- http://www.chinadaily.com.cn/business/2016-11/08/content_27304204.htm China is reportedly considering whether to allow Wall Street banks to establish wholly owned investment banking businesses on the mainland, a move analysts said would give them wider access to the Chinese market. The negotiations are part of a new US-China trade and investment framework, the Wall Street Journal reported on Monday, citing people familiar with the matter.
- http://www.chinadaily.com.cn/business/2017-01/10/content_27908106.htm Morgan Stanley and UBS Group AG have reportedly engaged in discussions about increasing their holdings in their China securities business, reflecting growing confidence in joint ventures in the Chinese mainland, according to a Bloomberg report. A source familiar with the matter told China Daily that Morgan Stanley would raise its stake to 49 percent, the maximum allowed under current regulations. The source said the plan is still subject to regulatory approval. Currently, Morgan Stanley holds 33.3 percent in its China joint venture Morgan Stanley Huaxin Securities Co. UBS responded in an email to China Daily, saying that the bank has been holding talks since last year with several shareholders about buying their stakes in its mainland securities joint venture.

• http://paper.takungpao.com/resfile/PDF/20170116/PDF/a21_screen.pdf 中國證監會於2012年10月16日發布修 訂後的《外資參股證券公司設立規則》， 將外資在合資券商中的持股比例上限，由 此前的三分之一提高到49%。但此後四年 時間裏，一直沒有合資券商利用該政策。相關政策已出台四年後 ，摩根華鑫即將成為首家外方股東持股比 例觸及49%規定上限的合資券商。援引內 媒昨日報道，合資券商摩根華鑫股東間股 權轉讓申請，近日得到上海證監局的核准 批覆。按照計劃，摩根士丹利擬從華鑫證 券手中受讓約佔公司16%的股權。 資料顯示，摩根華鑫是由摩根士丹利 與華鑫證券成立的合資證券公司，目前摩 根士丹利持股33.3%，華鑫證券持股66.7% 。據悉，此次股權轉讓事宜還在等待美國 方面的審批流程。

https://www.scmp.com/economy/china-economy/article/3046739/chinas-financial-credit-database-1-billion-people-28-million China’s central bank has launched an updated version of its credit information system covering 1 billion individuals and more than 28 million corporate clients, which it says will provide more accurate profiles of loan applicants.The upgraded system – which is used by the nation’s lenders to evaluate potential clients’ creditworthiness – went online on Sunday. The upgrades include improvements to the information gathering and processing functions, as well as the technical framework and security, according to the credit bureau of the People’s Bank of China (PBOC).The state-run database, which was introduced in 2006, is regarded as a key “national financial infrastructure project” and central to Beijing’s ambitions to create a “
credit society” by this year.It works by collecting information from thousands of institutions that track individuals’ and companies’ credit records.

Credit reporting services
- http://www.scmp.com/business/companies/article/1675957/pboc-gives-licenses-alibaba-tencent-and-ping-run-credit-data, http://www.chinadaily.com.cn/hkedition/2015-01/15/content_19322253.htm

Investment products
- 內銀理財產品傳允直接投資 http://pdf.wenweipo.com/2014/12/05/b03-1205.pdf 網傳中國銀監會近日發出《商業銀行理財業務監管辦法徵求意見》，計劃允許銀行理財產品募集的資金可以獨立開設資金賬戶和證券賬戶，投資固定收益產品，包括現金、銀行存款、回購、央票、所有種類的債券、優先股和資產支持證券。http://www.hkcd.com.hk/pdf/201412/1205/HZ13C05CCXX.pdf
- http://www.scmp.com/business/china-business/article/1721254/insurers-await-green-light-get-otc-market The mainland's over-the-counter (OTC) equity market may get a fresh boost with a much anticipated regulatory nod to insurance funds looking to invest in start-ups. According to two insurance industry officials, several insurers are studying the OTC market as a new investment channel. The officials said insurers plan to invest in some of the promising start-ups listed on the market when the regulator gives the green light. Chinese insurers are not allowed to invest in companies traded on the nationwide electronic equity transfer system, known as the country's third board, unless the China Insurance Regulatory Commission gives them the go-ahead.

- 监管机构统一资产管理监管的徵求意见稿出台。按照产品类型制定统一的监管标准，要求金融机构将资管产品根据募集方式不同分为公募产品和私募产品两大类。确立资管的分类标准实施分类监管，提出每隻资管产品单独管理、单独建帐、单独核算“三单”，不得开展或参与具有滚动发行、集合运行、分离定价特徵的资金池业务。强调打破刚性兑付，金融机构资管产品要实行净值化管理；实施“新老划断”，过渡期自《指导意见》发布实施后至2019年6月30日。　中国央行会同银监会、证监会、保监会、外管局等部门起草《关于规范金融机构资产管理业务的指导意见（徵求意见稿）》。正式向社会公开徵求意见。《指导意见》明确适用于银行、信託、证券、基金、期货、保险资产机构等接受投资者委託，对受託的投资者财产进行投资和管理的金融服务。资管产品包括银行非保本理财产品，资金信託计划，证券、基金管理、期货公司及其子公司，保险资管机构发行的资管产品等。http://paper.takungpao.com/resfile/PDF/20171118/PDF/a18_screen.pdf
-  為吸引已在外地上市的大型公司回流A股，有消息指中證監擬推出中國預託證券（CDR），目前有8間公司獲邀作首批CDR股票，包括騰訊 （0700.HK）、舜宇（2382.HK）、百度、阿里巴巴、京東、攜程、微博和網易。另外，證監會把邀請A股上市的企業目標提高到了50億美元以上的 巨頭。http://pdf.wenweipo.com/2018/03/06/b03-0306.pdf

pension fund

- http://www.chinadaily.com.cn/bizchina/2017-02/21/content_28277318.htm

The central government has allowed pension funds worth 360 billion yuan ($52.4 billion) from seven provinces and cities to be managed by professional investment agencies as it moves to address the problem of a rapidly aging society and the potential pension fund shortage. Wang Zhongmin, vice-chairman of the National Council for Social Security Fund, said on Monday that the NCSSF will manage the funds on behalf of the seven local governments, including Beijing and Shanghai.

bond market

- http://orientaldaily.on.cc/cnt/finance/20160309/00202_004.html 內地擬全面開放銀行間債市予境外金融機構，渣打香港估計細節將於兩周內落實，並料五年後中國債市規模可倍增至100萬億元人民幣，至二○二○年外資投資中國債市佔比可逾4%。

- 3月1日新證券法正式生效，國家發改委發佈通知，企業債券發行由核准制改為註冊制，這意味着，發改委將徹底退出企業債發行的具體業務審核，未來只負責政策制定。同時，中國證監會也發文推進公司債發行的註冊制改革。專家表示，註冊制改革提高了債券發行的市場化程度，降低發行門檻，推動債市大繁榮，改善融資環境，有利於提振經濟和為實體經濟輸血。2月29日深夜，國務院辦公廳發佈《關於貫徹實施修訂後的證券法有關工作的通知》，提出要落實好公司債券公開發行註冊制要求，公開發行公司債券或企業債應當依法經證監會或者國家發展改革委註冊。http://pdf.wenweipo.com/2020/03/02/a18-0302.pdf

- 人民銀行和中證監昨聯合發布公告，同意銀行間債券市場與交易所債券市場相關基礎設施機構開展互聯互通合作。市場人士認為，相比此前兩個市場間的跨市場交易，開啟互聯互通後，極大推動投資便利性的同時，還將提高內地債券市場對境外投資機構的吸引力，進一步推動人民幣國際化。http://pdf.wenweipo.com/2020/07/20/b02-0720.pdf

Local government bonds

- http://www.reuters.com/article/2015/05/19/idUSL3N0YA21420150519 China should open up its sheltered local debt market to foreign and retail investors to help shore up market demand and liquidity, Bai Weiqun, vice president of the China Central Depository & Clearing Co. Ltd (CCDC), said on Tuesday. Bai told a financial forum that banks currently buy over 90 percent of bonds issued by local governments, which meant liquidity of local government debt is "close to zero". To change that, China should "open up the local debt market to foreign and retail investors", he said.  Central bank officials have said that some qualified foreign investors are permitted to buy local government bonds.

Debt reform

-  http://europe.chinadaily.com.cn/business/2015-06/02/content_20884565.htm Recent policy directives from the Chinese authorities point toward a renewed emphasis on "stabilizing growth". The shift is broad, but the most straightforward implication is that the target of sheding debt pileup could become more elusive. The latest signal of a priority shift came on May 25, when the National Development and Reform Commission loosened restrictions on bond issues by State-owned enterprises. Issues will not be subject to a quota as long as the proceeds are used to invest in "seven key sectors", which span a broad range of industries. Analysts worry that this shift will give SOEs too much leeway to repackage their projects and sell them to the NDRC. Local government's off-balance sheet financing vehicles account for a majority of the issuers. A week earlier, the Ministry of Finance, the People's Bank of China and financial regulators jointly issued a directive, instructing commercial banks to keep extending loans to LGFVs' projects if work had commenced before the end of 2014. Banks were also told to extend the maturity of such loans if LGFVs could not repay the debts on time. The shift is "the most significant policy easing so far in 2015", Deutsche Bank AG economist Zhang Zhiwei said immediately after the directive. "It is a 180-degree reversal of the fiscal policy from tightening to loosening."  The easing in conditions for LGFV funding was not an isolated move. Last December, the State Council issued a landmark document, known as Circular 62, limiting the ability of local governments to offer tax breaks and other preferential policies to companies in their jurisdictions. Investors and local governments cried foul, as competing preferential policies from local governments for years constituted a major appeal to investors, domestic and overseas alike. The circular was put on hold by the central government, a move that was celebrated by investors. At the center of the policy mix is Beijing's determination to bolster investment and meet the 2015 GDP growth target of "about 7 percent". Expansion in the first quarter sank to a six-year low of 7 percent. To realize the full-year goal, the reform agendas embodied in Circular 62 and other policies have to give way.

Corporate debt

- http://www.hkcd.com.hk/pdf/201510/1015/HA09A15CZXX.pdf government considers introducing registration system

 Interbank debt market

- http://paper.takungpao.com/resfile/PDF/20151023/PDF/b4_screen.pdf 中國央行金融市場司昨日公告，新批准11家機構進入銀行間債券市場，包括兩家QFII（合格境外機構投資者）、五家RQFII（人民幣合格境外機構投資者）以及四家境外機構。　刊登在中國貨幣網的公告顯示，此次獲准進入銀行間債市的QFII包括台灣銀行、鼎暉投資諮詢新加坡有限公司；RQFII包括大華資產管理有限公司、法國巴黎資產管理、華泰金融控股（香港）有限公司、聯博香港有限公司、貝萊德顧問（英國）有限公司。　　此外，境外機構包括俄羅斯外貿銀行、開泰銀行（大眾）有限公司、台中商業銀行、友利銀行。　　最新統計顯示，截至本週三（10月21日），中國銀行間本幣市場共有9988家成員。除境內銀行、基金、券商及保險等外，另有115家境外銀行、123家RQFII機構、16家境外保險公司及32家QFII機構。　　中國央行早在2010年8月發佈通知，允許境外人民幣清算行等三類機構運用人民幣投資銀行間債券市場。具體包括境外中央銀行或貨幣當局（境外央行）、香港、澳門地區人民幣業務清算行（港澳人民幣清算行），以及跨境貿易人民幣結算境外參加銀行（境外參加銀行）。
- http://www.chinadaily.com.cn/business/2016-12/07/content_27594047.htm The Ministry of Finance on Tuesday issued preferential tax policies for companies engaged in debt-reducing corporate restructuring. Preferential tax policies would be applied to multiple transaction activities while companies go through bankruptcy, mergers and acquisitions, and liquidation. Such policies include deferred tax payments and tax payments in installments for non-monetary assets, according to a notice published on the ministry's website. Value-added tax will not be imposed on transfers of fixed assets and land-use rights, according to the notice.

Raising fund overseas

- beijing has eased restrictions on Chinese companies seeking to raise funds overseas, after a record monthly decline in China’s foreign exchange reserves in August.

The decision to loosen capital controls on inbound funds stands to boost capital inflows at a time when big domestic stock market losses and the slowing Chinese economy are heightening concerns about capital outflows. http://www.ft.com/intl/cms/s/0/921d8c8e-5c47-11e5-a28b-50226830d644.html,  http://www.scmp.com/news/china/money-wealth/article/1858798/china-scraps-overseas-debt-quotas-capital-outflows-worsen

subsidiaries

- http://www.chinadaily.com.cn/business/2016-12/03/content_27557351.htm China's securities regulator released two regulations that will standardize the businesses and control risks of the subsidiaries of fund management companies . "The regulations will significantly improve risk control of the subsidiaries of fund management companies. Net capital will be a key risk control index," said Deng Ge, a spokesman of the China Securities Regulatory Commission at a news conference on Friday. The draft regulation states that the net capital of a subsidiary of a fund management company should be no smaller than 100 million yuan ($14.5 million). The net capital should also be no less than 40 percent of a subsidiary's net assets and no less than 20 percent of its liabilities.

Securities

- http://www.chinadaily.com.cn/cndy/2016-07/08/content_26010666.htm The China Securities Regulatory Commission has said that the US-China Strategic andEconomic Dialogue, held in Beijing in June, confirmed that qualified foreign and joint-ventureenterprises can be registered as private securities firms with the Asset ManagementAssociation of China. Registration of private securities firms with the association means that they get licenses to investin the Chinese stock markets. Previously, foreign companies were not allowed to be registered as private securities firms.

- http://paper.takungpao.com/resfile/PDF/20161231/PDF/a21_screen.pdf國家發改委副主任寧吉喆30日表示，中國近期將出台加大吸引外資的新政策，支持包括港資在內的外資企業在境內主板、創業板等上市融資和發債，取消外資企業最低註冊資本要求，放寬銀行、證券等金融領域准入限制，並授權地方政府出台招商引資優惠政策，以進一步吸引外商投資內地。

- academics suggested introducing securities law to deal with financial crisis singtao 12jul15 h9

- 《證券法》修訂草案

• http://orientaldaily.on.cc/cnt/finance/20170309/00210_012.html證券法修訂已是大勢所趨，因自○五年證券法修訂以來，資本市場十多年來已發生了翻天覆地的變化。其中一些原有立法條文明顯不適應新形勢變化，有必要及時作出修改。據披露，此次證券法修訂將主要涉及註冊制、完善上市公司股權結構、加大對違法違規行為的查處及對投資者利益的保護力度等方面，將更有利於優化資本市場生態，對中國資本市場持續穩健發展無疑將帶來重大利好，尤其對投資者保護條款的補充完善，更有利於保護散戶的投資利益。
• 證券法的修訂關係到資本市場的改革發展 大局，關涉到資本市場未來長時間的法治 方向。此次證券法修訂，從2015年 「一讀 」 算起，截至目前已歷經四次審議，持續 四年多。修訂後的證券法包括總則、證券 發行、證券交易、上市公司收購、信息披 露、投資者保護等十四章內容，並將於明 年3月1日施行，焦點有三。http://paper.takungpao.com/resfile/PDF/20191229/PDF/a7_screen.pdf

- 創新板

• 繼去年科創板試點註冊制改革之後，創業板將正式接棒成為A股第二個實施註冊制的板塊。4月27日，中央全面深化改革委員會第十三次會議審議通過了《創業板改革並試點註冊制總體實施方案》，這意味着創業板試點註冊制改革的大幕正式拉開。證監會和深交所隨後晚間就創業板改革的規章制度出台相應規則，向市場徵求意見。http://hk.hkcd.com/pdf/202004/0429/HA12429CCXX_HKCD.pdf
• http://hk.hkcd.com/pdf/202006/0613/HA07613CZGG_HKCD.pdf 昨日，中證監發布《創業板首次 公開發行股票註冊管理辦法（試行）》（以下簡稱 《創業板首發辦法》）《創業板上市公司證券發行 註冊管理辦法（試行）》（以下簡稱《創業板再融 資辦法》）《創業板上市公司持續監管辦法（試 行）》（以下簡稱《創業板持續監管辦法》）和 《證券發行上市保薦業務管理辦法》（以下簡稱 《保薦辦法》），自公布之日起施行。

- 引入黨委

• 本報對本港上市公司進行全面統計，發現去年至今，有123間上市公司通過修改公司章程，正式確立黨委（即共產黨委員會）及給予權力，佔港交所2,262間（包括382間創業板）上市公司5.43%，其中有8間屬恒生指數成份股（俗稱藍籌股）。
  這個「改姓黨」的風潮仍未息止，直至上周四仍不斷有國企、央企修改章程，部份公司越改越過份，將黨委權力任意放大。有公司講明黨委經費要佔員工薪酬總額1%；有的指黨委若發現公司不符黨路線，可向上級黨組織報告。https://hk.news.appledaily.com/local/daily/article/20180926/20508207

- foreign ownership

• 中國證監會公佈，允許外資控股合資證券公司。合資證券公司的境內股東條件與其他證券公司的股東條件一致；體現外資由參轉控，將名稱由《外資參股證券公司設立規則》改為《外商投資證券公司管理辦法》（以下簡稱《辦法》）。中證監新聞發言人表示，證監會已正式發佈《辦法》，符合條件的境外投資者可向證監會提交變更公司實際控制人或者設立合資證券公司的申請材料。實際上，在《辦法》徵求意見過程中，歐洲及亞洲等地多家大型金融機構已向證監會了解、徵詢有關公司設立和股權變更情況，並多次表示正在積極準備相關材料，擬提交相關申請。證監會待收到他們的正式申請文件後，將根據《辦法》積極推進審核工作。http://pdf.wenweipo.com/2018/04/30/b05-0430.pdf
• https://www.scmp.com/business/companies/article/3032612/china-scrap-foreign-ownership-limits-securities-futures-and-fund China’s securities watchdog officially has unveiled the time frame for abolishing foreign ownership restrictions on futures, securities and fund management companies, the latest sign that Beijing is accelerating efforts to open up its finance sector amid its gruelling trade war with the US. The China Securities Regulatory Commission (CSRC) said on Friday that limits on foreign investors in mainland-based futures firms would be scrapped on January 1 next year. Limits on mutual fund companies will be removed on April 1, while the caps on securities firms will be removed on December 1, 2020.
• companies

• https://www.ft.com/content/16cee174-3b7f-11ea-b232-000f4477fbca
  Citadel Securities has agreed to pay almost $100m to Chinese authorities in a settlement over alleged trading rule violations, ending a probe launched five years ago in the middle of a stock market rout. The China Securities Regulatory Commission said on Monday it had agreed settlements with four local institutional investors and Citadel Securities, the market maker controlled by US hedge fund billionaire Ken Griffin. The regulator has now lifted a suspension on a Citadel Securities trading account imposed in 2015, according to a person familiar with the details. The CSRC said the penalties were “based on differing circumstances, such as the amount of money made through the suspected illegal acts”, without providing further details on the alleged violations. Citadel’s Rmb670m ($97m) settlement is more than 40 times the combined Rmb15.2m paid by the four domestic groups. The regulator said the companies had “taken necessary measures to strengthen internal controls,” and that it had “terminated investigations into the applicants’ relevant behaviour”.

- ipo reqirement

• 內地企業上市或須先建中共黨組織。中國證監會上周五公布新修訂的《上市公司治理準則》草案，其中提到要求上市公司根據中共黨章規定，設立黨組織以「加強黨建」。有學者認為，只要不干涉經營，此舉或有利監督；亦有專家指，部分企業可能因此轉赴本港上市。http://orientaldaily.on.cc/cnt/china_world/20180618/00178_003.html
• 中國證監會鼓勵新經濟股在Ａ股上市，自年初起為獨角獸（估值逾十億美元公司）及創新企業特別開設「綠色通道」加快審批速度，台灣鴻海集團旗下的獨角獸富士康工業（簡稱工業富聯，601138.SH），申請上市更只需三十六天。http://orientaldaily.on.cc/cnt/finance/20180620/00202_004.html

- ownership structure

• 為了促進科技創新，激發引進資本積極性和吸引全球創新人才，深圳市近日首次在全國立法，確立公司「同股不同權」制度，明確在深圳依法登記的科技企業可實行「同股不同權」。《深圳經濟特區科技創新條例》（下稱《條例》）經深圳市六屆人大常委會第四十四次會議近日獲得通過，並提出上述規定。《條例》自2020年11月1日起施行。http://pdf.wenweipo.com/2020/09/01/b01-0901.pdf

- h shares

• 今年內地將推進新股制度改革和設立中國預託證券制度，惟此舉並無礙國企改革的進度。H股企業既以國企為主，近日便傳來中證監落實H股全流通首家試點企業，進度比預期的快。事實上，現時H股內資股無法反映真實價值，控股股東與流通股東的利益不一，自然少了關心股價和推動市值增長的動力，限制了整體H股的流通量和估值表現。透過H股全流通試點，有助加快改革國企治理機制，增強管理層激勵，改善H股流動性，提升國有股權價值，為國企混改提供新平台及引入海外資本，可視為國企改革的重要一步！當然，H股全流通下，市場供應增加，意味中短期或會對市場承接造成壓力，故必須要有序進行，不能一擁而上。同時，針對新經濟發展，以創新、環保等戰略行業作為首選試點企業，既符合國家產業發展戰略，亦迎合投資市場對新科技和新經濟的熱切需求。另方面，近日中港兩地亦就推動「新三板+H股」簽訂合作備忘，即內地新三板上市公司毋須退市便可以H股形式來港上市，既可透過加強兩地估值互動，讓正面對「退市潮」的新三板改善流動性和吸引力，為新三板公司走向國際市場提供平台，亦可為即將實施革新上市制度的香港引入更多新經濟企業，確是雙贏之舉。http://orientaldaily.on.cc/cnt/finance/20180423/00273_001.html
• 中國證監會主席易會滿表示，今年 6月陸家 嘴論壇上宣佈的 9條開放舉措已經落實了 5條，剩餘的 4條年底前也將基本落 地，包括進一步修訂 QFII、RQFII 制度規則，抓緊發佈 H 股全流通工作指 引，拓展境外機構投資者進入交易所債券市場投資渠道，以及持續擴大期貨 特定品種範圍，以更大力度引入境外交易者等。同時，正抓緊修訂完善配套 監管規則，明年取消證券、基金和期貨公司外資股比限制。

- reit

• 住房租賃市場再獲政策支持，中國證監會和住建部昨日聯合發佈通知，明確優先支持大中型城市、雄安新區、以及利用集體建設用地進行租賃住房試點的城市，對其住房租賃項目開展資產證券化。刊於證監會網站的《關於推進住房租賃資產證券化相關工作的通知》提出，重點支持住房租賃企業發行以其持有不動產物業作為底層資產的權益類資產證券化產品，積極推動多類型具有債權性質的資產證券化產品，試點發行房地產投資信託基金（REITs）。http://pdf.wenweipo.com/2018/04/26/b04-0426.pdf
• China’s government this week gave its go-ahead for the set up of real estate investment trusts (REIT), opening a channel that lets investors tap the country’s property growth, while limiting their speculation in bricks-and-mortar buildings. The pilot programme, implemented 
   after more than a year of public consultations
   , will allow China’s mutual funds to issue public REITs that can be bought and sold like stocks on the country’s exchanges, according to an April 30 statement by the National Development and Reform Commission (NDRC) and the China Securities Regulatory Commission (CSRC). The pilot programme marks the most consequential development in China’s financial services in recent years, as it adds an investment option for Chinese households while simultaneously taking the air from the speculative bubbles that have stubbornly defied the government’s cooling attempts. The timing also gives Chinese policymakers an additional tool to redirect household savings into the capital-intensive property industry, alleviating the burden on banks while the economy tries to claw its way out of its slowest growth pace in decades.     https://www.scmp.com/business/banking-finance/article/3082599/china-looks-real-estate-investment-trusts-tap-household

- neeq

• http://www.chinadaily.com.cn/bizchina/2016-08/15/content_26471113.htm More small companies are turning to the National Equities Exchange andQuotations (NEEQ), China's start-up board, for fund-raising. During the past week, 396 companies debuted on the NEEQ, up from 231 seen aweek ago and bringing NEEQ-listed companies to 8,542. Three companies recorded transactions worth of more than 100 million yuan(around $15 million). Donghai Securities, a small brokerage firm headquartered inthe eastern city of Changzhou in Jiangsu Province, became the biggest winner withshares worth 1.1 billion yuan traded. Total turnover climbed 6.26 percent week on week to 3.32 billion yuan from Aug 8to 12. However, the benchmark NEEQ Component Index declined 1.16 percent to1,148.42. The NEEQ was launched in Beijing in late 2012 and is also known as the "new thirdboard" that supplements the main Shanghai and Shenzhen bourses.

- margin

• http://paper.takungpao.com/resfile/PDF/20150923/PDF/b11_screen.pdf 配資清理打壓股民做多情緒，也使得兩融 （孖展）數據雪上加霜。最新統計顯示，兩融 餘額三個月內大幅縮水近六成。為挽回市場人 氣，近期多家券商出手修改相關合同，在降低 平倉線水平之餘，亦允許投資者自行申請展期 。分析認為，隨着配資清理對市場的衝擊開始 退潮，兩融餘額數據有望觸底反彈。

- 券商自營交易

• http://paper.takungpao.com/resfile/PDF/20151125/PDF/b4_screen.pdf 。昨日 內媒報道，監管層通知取消券商自營股票每日淨買入 要求，即放開券商做空限制。

- legal

• 上 海金融法院和上海證券交易所簽署備忘錄，就上交 所上市公司大宗股票的執行司法協助達成合作意 向。據悉，這是內地首個司法機關與證券交易所就 大宗股票執行達成的司法協作機制，也是上海金融 法院服務保障上海國際金融中心建設，防範金融風 險，優化營商環境的又一重要舉措。http://pdf.wenweipo.com/2019/11/04/b03-1104.pdf

- arbitration

• http://pdf.wenweipo.com/2016/07/15/b04-0715.pdf 最高人民法院、中國證 監會昨天聯合發佈通知，決定在全國部分 地區聯合開展建立健全證券期貨糾紛多元 化解機制的試點工作，維護投資者的合法 權益。自然人、法人和其他組織之間因證 券、期貨、基金等資本市場風險投資業務 產生的合同和侵權責任糾紛，均屬試點範 圍。

- speedily approved ipos

• 內媒報道，鴻海集團分拆旗下富士康工業互聯網股份擬於上交所上市的申請已獲中證監通過，由申請到獲批僅36日，料創A股新股上市最快紀錄。http://orientaldaily.on.cc/cnt/finance/20180309/00202_018.html

- rejected ipos

• Wenzhou Kangning Hospital 温州康宁医院股份有限公司（以下简称“康宁股份”）是一家以精神专科为主的连锁医院集团。公司成立于1996年2月，总部位于浙江省温州市。截至2014 年12月31日，公司运营的连锁医疗设施包括温州康宁医院、青田康宁医院、苍南康宁医院、永嘉康宁医院、乐清康宁医院、平阳县长庚医院精神科和温州康宁司 法鉴定所。目前，公司还在北京、杭州、浙江临海等地筹建医院。reported in scmp 25jan18

Derivatives

- http://www.scmp.com/business/markets/article/1788663/china-triples-number-state-owned-firms-commodity-derivatives China has more than tripled the number of central government owned firms allowed to trade commodities derivatives overseas without regulator approval, sources said, in a move that will give the country more clout in global markets for metals, energy and agricultural products.

About 100 more large government-backed companies will be permitted to trade in international futures, swaps and options markets, according to three sources with direct knowledge of the changes. It marks the biggest expansion of the list in nearly 10 years. "This will boost trading by Chinese companies, energy in particular, given airlines and crude producers need to do it," said the head of the futures department at a government-owned company in Beijing.

Futures
- http://www.scmp.com/business/commodities/article/1747271/china-open-futures-market-foreign-investors-free-trade-zones
- http://www.chinadaily.com.cn/business/2015-06/27/content_21119223.htm China's securities watchdog said on Friday it planned to complete preparatory work for the country's first crude oil futures contract over the next three months. Zhang Xiaojun, a spokesman for the China Securities Regulatory Commission, said it would look into crude oil industry supporting policies and examine and approve regulations and trading rules for the Shanghai International Energy Exchange Corp. Separately, the commission also formally released new regulatory rules on overseas traders and brokerage companies participating in particular types of futures trading, which will take effect from August 1. The rules include expanding the number of participants in the Chinese futures market, offering overseas traders and brokerage firms different trading patterns, standardizing business practices on futures trading, and specifying responsibilities in the ongoing crackdown on illegal activities.
-  China will open up its futures markets to the world, particularly foreign investors, to help the markets align with the national strategies for boosting the real economy, said a senior official from the country's top capital market regulator. The government will support a futures and derivatives market that is compatible with the country's economic and social development goals as well as the need for economic risk management, said Fang Xinghai, vice-chairman of the China Securities Regulatory Commission.
- https://www.scmp.com/economy/china-economy/article/3026715/china-working-proactively-towards-launching-live-pig Under pressure due to the ongoing surge in pork and live pig prices, China has moved closer to launching long-awaited financial future contracts for live pigs to help the country’s farmers and traders manage risks in the world’s largest live pig industry, the head of a Chinese commodity exchange said on Wednesday. Li Zhengqiang, the chairman of the Dalian Commodity Exchange, told a corn industry conference in the port city of Dalian on Wednesday that his exchange is “working proactively” to launch the live pig futures without providing a detailed timeline.

"Shares printing"
- era of money printing to shares printing http://www.hkcd.com.hk/pdf/201503/0327/HZ18327CZXX.pdf

Gold trading
- http://www.chinadaily.com.cn/cndy/2015-02/10/content_19535980.htm The nation's banks are getting a bigger say in gold prices.

A new electronic daily gold price, which will replace the traditional London gold fixing, is set to go live in March, according to the London Bullion Market Association, which represents the Londonmarket for gold and silver. For the first time, the LBMA has three Chinese banks as ordinary members: Industrial andCommercial Bank of China Ltd, China Construction Bank Corp and Bank of China Ltd.

forex
- 為促進非銀金融機構外匯業務，國家外匯管理局昨日公布，批准中信証券、華泰證券、招商證券三家證券公司結售匯業務試點資格，允許其在風險可控的前提下開展自身及代客即期結售匯業務，並按規定參與銀行間的外匯市場交易。http://paper.takungpao.com/resfile/PDF/20190906/PDF/a19_screen.pdf

IPO
- http://orientaldaily.on.cc/cnt/china_world/20170103/00178_017.html中國證券監管機構對「首次公開募股」（IPO）市場保持嚴格控制，企業申請IPO流程一般長達數年。惟當局去年九月推新規，為貧困地區企業的IPO開「綠色通道」後，據報有不少公司將其註冊地遷往貧困地區，「走捷徑」上市。美國傳媒報道，中國不少正排隊等IPO的企業掀「搬家潮」。其中，一間互聯網公司從山東青島西遷三千公里變更註冊地到西藏拉薩；有羊絨生產商則千里迢迢搬到偏遠且人口稀少的寧夏，只為抓緊機會提前上市。

• 內蒙古烏蘭察布市日前對外公佈了該市落實證監會IPO扶貧意見引進和培育企業上市若干優惠政策，重點引導已在排隊的IPO（首次公開募股）企業或基本符合IPO條件的擬上市企業遷入烏蘭察布市國家扶貧重點縣。http://pdf.wenweipo.com/2017/02/18/a10-0218.pdf

- http://usa.chinadaily.com.cn/business/2015-03/11/content_19775607.htm The National People's Congress, the country's top legislature, is likely to approve the amendment to the Securities Laws this year, paving way for the much-awaited reform of the new-share sales mechanism. The draft amendment, the most comprehensive revision of the law since it was introduced in 1998, will be reviewed by the Standing Committee of the NPC in late April, Yin Zhongqing, deputy director of the finance and economic committee of the NPC, said on Tuesday.
- Beijing has made it easier for publicly traded companies to list subsidiaries on mainland Chinese exchanges, with the introduction of new rules for such initial public offerings.Listed companies seeking to spin off units through domestic IPOs need to be profitable for the recent three-year period, with aggregate profits reaching a minimum 600 million yuan (US$85.8 million), according to the China Securities Regulatory Commission, the country’s top securities watchdog. Previously, it required aggregate profits equalling 1 billion yuan.Beijing has stepped up efforts to encourage more domestic stock offerings by fast-growing technology companies. It also wants to fend off competition from overseas exchanges that have already attracted the likes of South China Morning Post parent Alibaba Group Holding, as well as social-media giant Tencent Holdings.https://www.scmp.com/business/china-business/article/3042292/beijing-just-made-it-easier-listed-companies-ipo-spun-units
- trust

• http://www.chinadaily.com.cn/bizchina/2017-02/14/content_28193002.htm China's securities regulator has approved the nation's first IPO by a trust company in more than two decades. Shandong International Trust Co won approval from the China Securities Regulatory Commission to sell as many as 676.5 million shares in a Hong Kong IPO, said one of its shareholders, Luxin Venture Capital, in a filing on Friday. 

跨界定向增發活動
- http://orientaldaily.on.cc/cnt/finance/20160512/00202_011.html中證監再度關注虛擬產業的跨界定增活動！據內媒報道，中證監已叫停上市公司跨界定向增發活動，涉及互聯網金融、遊戲、影視、虛擬實景（VR）四行業。有市場言論認為，近日中央連番對各方面的收緊行動，反映監管層正在全力驅趕資金「脫虛入實」，即鼓勵上市公司發展實業。有內媒昨早報道指，中證監已經叫停上市公司跨界定增，又指這四個行業的併購重組和再融資亦被叫停。惟下午另有內媒報道指中證監上市部只是正常收取重組材料。而有報道就引述內地某大型券商投行人士指，遊戲及影視等行業目前遵從「一事一議」原則，具體而言併購或定增收購「不盈利僅講故事的標的」將被禁止，而一般的項目並未被全面叫停。

fund management professional qualification
- 中國證券投資基金業協會出公告，下個月開始，外商獨資或合資私募證券投資基金管理人嘅外籍高級管理人員，將可參加英文語種嘅基金從業資格考試。http://orientaldaily.on.cc/cnt/finance/20180420/00202_026.html

Insurance
- http://paper.takungpao.com/resfile/PDF/20151216/PDF/b10_screen.pdf 巨額保險資金投資成為近期資本市場熱點。為了將險資投資保持在可控範圍內，保監 會昨日表示，已於近期下發《保險資金運用內部控制指引》及《保險資金運用內部控制應 用指引》（第一號至第三號）（以下簡稱《指引》）。從監管角度為保險行業樹立內控標 準，規範保險資金運用內部控制行為，並藉此推動保險機構提升資金運用內部控制建設能 力和水平。《指引》採取總、分框架結構，體現為 「總指 引+配套應用指引」形式，包括兩個層面：一是總指 引，明確了保險資金運用內部控制目標、原則和基本 要素，並圍繞資金運用內部控制的內部環境、風險評 估、控制活動、信息與溝通和內部監督等要素，細化 了關鍵控制點及控制活動等。二是配套應用指引，主 要針對保險資金具體投資領域的內部控制建設，包括 對職責分工與授權批准、投資研究與決策控制、投資 執行控制、投資後管理等重點環節內部控制標準和要 求。
- http://europe.chinadaily.com.cn/business/2015-07/03/content_21170926.htm Insurance companies may introduce employee stock ownership plans to improve the industry's corporate governance and profit-sharing mechanism, the industry regulator said on Thursday. The China Insurance Regulatory Commission said that to be eligible, insurance companies must have been in operation for three years and be profitable for one year before launching such a plan. Insurance companies are also required to have sound corporate governance and no record of being fined for major irregularities in the past two years, according to a notice issued by the CIRC. The regulator capped the maximum of employee stock ownership at 10 percent of a company's registered capital. An individual employee can hold shares worth no more than 1 percent of the company's registered capital.
- http://orientaldaily.on.cc/cnt/finance/20150726/00202_005.html 內地媒體引述中國保險行業協會消息指出，中保監印發《互聯網保險業務監管暫行辦法》披露首個互聯網金融分類監管細則。除了對第三方保險網絡平台各責任方進行明細責任釐清之外，作為監管方的中保監，將會對互聯網保險各方進行現場檢查。該《暫行辦法》指出，保險機構透過第三方網絡平台開展互聯網保險業務，第三方網絡平台要取得保險業務經營資格，須在最近兩年未被互聯網行業主管部門，以及工商行政管理部門等處以重大行政處分，亦未有被中保監列入保險行業禁止合作清單。- http://paper.takungpao.com/resfile/PDF/20151208/PDF/b1_screen.pdf安永預期，隨?中國監管規定逐步放寬，市場自由化將為外資保險公司提供機會。該行亞太區保險業主管合夥人趙曉京直言：“以前是中國內地公司找外國公司合作，現在是外國公司找中國內地公司合作，外資保險公司與中國網際網路巨頭的合作，能開拓新的營運模式。”　　網際網路保險及數字化營銷的興起，為保險業提供新商機。趙曉京説，利用流動裝置進行交易為外資保險公司拓展業務提供機遇。可藉此獲取新客户、服務現有客户和削減成本等。
- http://www.chinadailyasia.com/business/2015-12/30/content_15365429.html The China Insurance Regulatory Commission said on Tuesday that it would tighten regulations for insurers to reduce the risks from equity investments. Several insurance firms have been making aggressive equity investments recently with leveraged trading and this could endanger their ability to meet financial obligations. Xiang Junbo, chairman of the CIRC, warned of “emerging risks along with the rising number of market players and the expansion of their investment channels”. “Some insurance firms will face risks like weakened solvency capability under the new regulatory regime that will be implemented next year,” Xiang said after a meeting with major insurance firms. “Credit risk, misallocation of assets and capital market volatility will mean greater uncertainties over investment returns of insurance firms,” he said. The regulator’s warning came after a slew of insurance firms aggressively purchased equities in the public market through leveraged trading，raising concerns about their liquidity and investment risks. Baoneng Group, a private insurance and property conglomerate’s high-profile acquisition of listed developer China Vanke Co Ltd has stirred intense public attention as the financing of the investment is believed to have been made through leveraged products such as stock collateralization and structured funds.

- 中國保監會擬將財產保險公司備案類產品（農險除外）向保監會備案，轉變為公司在行業協會建立的財產保險公司備案產品自主註冊平台進行自主、在線、實時產品註冊。據保監會昨日發佈「關於開展財產保險公司備案產品自主註冊改革的通知」稱，將建立監管抽查和產品退出機制，並於2016年7月底前完成平台搭建、制度建設、聯調測試等各項工作；此後，財險備案產品自主註冊改革適時正式實施。通知指出，註冊平台對提交的註冊材料進行自動審核，材料完整的實時予以註冊，產品註冊完成後方可使用；行業協會負責及時將已註冊產品通過電子報備系統向保監會集中備案，公司無需再向保監會報送備案材料。http://pdf.wenweipo.com/2016/03/05/b07-0305.pdf- http://hk.apple.nextmedia.com/financeestate/first/20160314/19528472內地再出招堵塞銀聯走資漏洞，除中銀人壽外，據了解保誠（2378）、友邦（1299）等保險商已有內部通告，暫停內地客使用銀聯網上支付平台在港繳交保費。保險業界憂慮，新招將杜絕內地客購買大額保單，內地客保費收入或由最近按年增長約三成，回落至今年下半年約一成；下一步內地若再出招收緊刷卡次數，屆時將無漏洞，保誠已率先自行設置每年10次的碌銀聯卡上限。記者：陳洛嘉 外管局繼2月出招，限制內地人用銀聯卡來港買保險，每次只可碌5,000美元後，有傳已再落閘，暫停通過第三方支付平台投保本港人壽保單及投資相關產品。多間保險公司周末已發內部公告，暫停內地客使用銀聯網上支付平台投保。 中銀人壽發言人證實，收到網上平台「通聯支付」通知，為配合監管，今日起暫停內地人以銀聯信用卡或銀聯戶口通過「通聯支付」繳交保費。保誠內部公告則指，廣州銀聯網路支付已於上周六、日暫停服務以調整新交易上限，其間兩個網上繳費平台會暫停服務。

- 李克強昨日在回應全國醫保聯網問題時表示，今年要基本解決省內就醫異地直接結算的問題，爭取用兩年時間，讓老年人跨省異地住院費用能夠直接結算，使合情合理的異地結算問題不再成為群眾的「痛」。他表示，階段性地、適當地下調「五險一金」的繳存比例是可以做的，讓企業多減輕一點負擔，讓職工多拿一點現金。媒體網絡調查顯示，「加快推進醫保的全國聯網」是網民最想向總理提出的問題。針對這一提問，李克強表示，感謝媒體用網絡投票的方式了解民生難處，給政府出題，這也是幫助政府改進工作。他並說自己對醫保異地結算有所了解，「有些老年人退休以後和子女在異地生活，還幫助照看第三代，但是生病住院了還得回到原來工作的地方去報銷，這些事情看起來是具體的事，但對碰到這個事的人或家庭，有可能就是天大的事」。http://pdf.wenweipo.com/2016/03/17/a08-0317.pdf- http://www.scmp.com/business/companies/article/1988038/chinas-insurance-regulator-eyes-tighter-scrutiny-too-big-fail

- http://www.chinadaily.com.cn/bizchina/2016-12/15/content_27673501.htm The China Insurance Regulatory Commission hopes to reduce the proportion of total equity assets held by insurance funds to 30 percent. The limit was raised to 40 percent last year. The move indicates the regulator wants to improve regulatory measures against the short-term and speculative use of insurance funds.
- http://www.scmp.com/business/banking-finance/article/2094536/circ-bans-universal-life-products-add-life-policies The China Insurance Regulatory Commission (CIRC) has banned life insurers from selling universal life insurance as an add-on to regular life policies, a practice companies have capitalised on to fund aggressive domestic and overseas investments in recent years.
- corporate governance

• 中國保監會近日連續下發多份監管函，要求保險公司嚴格執行公司治理相關規則制度，並對部分公司關聯交易採取禁止性措施，未來公司治理監管將從柔性引導向剛性約束轉變。保監會表示，將下發第三批公司治理監管函，對部分存在股權違規問題的公司，實施違規股權強制退出等行政監管措施，並將相關中介機構列入黑名單。近日，保監會已分別對珠江人壽等5家保險公司以及華匯人壽、長江財險等11家保險公司下發監管函，披露相關機構存在的公司治理問題，要求相關公司接到監管函後立即實施整改，制定切實可行的整改方案，並限期報送整改報告。http://pdf.wenweipo.com/2017/10/27/b03-1027.pdf
• 為打擊通過違規關聯交易進行利益輸送等亂象，有效防範金融風險，銀保監會近日發佈《保險公司關聯交易管理辦法》，規定保險公司對單一關聯方的全部投資餘額，合計不得超過保險公司上一年度末總資產的15%。至於保險公司對全部關聯方的投資餘額，合計不得超過保險公司上一年度末總資產的30%或上一年度末淨資產二者中金額較低者。http://pdf.wenweipo.com/2019/09/10/b03-0910.pdf
• 中國銀保監會昨首次公開銀行保險機構重大違法違規股東名單，涉福信集團有限公司、聯通租賃集團有限公司等卅八家公司，銀保監會已對相關公司採取限制股東權利、撤銷投資入股許可、清退違規股權等措施。有指名單上有多間與明天集團和安邦集團有關的公司。https://orientaldaily.on.cc/cnt/china_world/20200705/00178_008.html

- takeovers

• http://europe.chinadaily.com.cn/business/2015-12/30/content_22862261.htm The China Insurance Regulatory Commission said on Tuesday that it would tighten regulations for insurers to reduce the risks from equity investments. Several insurance firms have been making aggressive equity investments recently with leveraged trading and this could endanger their ability to meet financial obligations.

- overseas investment

• China’s insurance regulator said on Sept 18 it will intensify regulation of outbound and real estate investment, a move to prevent valuation risks abroad and guarantee the stability of the nation’s foreign exchange reserves.http://english.gov.cn/state_council/ministries/2017/09/19/content_281475869308163.htm

- foreign ownership

• http://www.scmp.com/business/banking-finance/article/2072604/china-said-be-considering-easing-stake-restrictions-foreign
• https://www.ft.com/content/ed62fdfa-b798-11e7-8c12-5661783e5589 China’s Communist party is establishing or reviving “party committees” inside joint ventures with foreign insurance companies in the country, according to five industry executives. By taking a stronger role in the leadership of the groups, the ruling party hopes to keep the foreign-backed partnerships in line with China’s broader goals for the sector, the people said.  Prudential, Generali, Aviva, Axa, Manulife, MetLife and Chubb are among those insurers based overseas that have partnered Chinese companies to access the market, although not all have gone into ventures with insurance groups.  The party is pushing to revive long-inactive committees, or small groups of executives with strong allegiance to the party, at state-owned companies to extend the party’s representation in business. This is consistent with a wider push to formalise the role of the party in the articles of association of state-owned companies listed in Hong Kong, such as Sinopec, ICBC and Haitong Securities. One executive at a foreign insurance company that has a joint venture in China with a state-owned company, said a party committee was in the process of being formed in the venture. 

- actuary

• http://www.scmp.com/business/companies/article/2122138/top-actuaries-chinas-insurers-have-jobs-you-96-them All of China’s major non-life insurers and reinsurers are being required to hire a chief actuary by the end of 2019, in an apparent regulatory ramp up in corporate governance, according to an official government notice posted on Wednesday.

- medical

• 商业医疗保险是医疗保障体系的组成部分，单位和个人自愿参加。国家鼓励用人单位和个人参加商业医疗保险。是指由保险公司经营的，赢利性的医疗保障。消费者依一定数额交纳保险金，遇到重大疾病时，可以从保险公司获得一定数额的医疗费用。

Internet financing
- http://europe.chinadaily.com.cn/business/2014-11/03/content_18853230.htm The rapid growth in e-commerce is changing people's shopping habits and the modes of financing purchases. However, the lack of proper regulation also brings huge risks to investors.
- 央行：對互聯網金融分類監管 http://pdf.wenweipo.com/2014/11/27/a20-1127.pdf 中國人民銀行副行長潘功勝在支付清算與互聯網金融論壇上表示，人民銀行正牽頭制定促進互聯網金融健康發展的指導意見，將按照適度監管、分類監管、協同監管、創新監管的原則，建立完善互聯網金融經營的監管框架。
- hkej 27feb15 b15 chinese financial association of hk's views on regulating internet finance
- 內地有關部門近日以特急通知各省要求暫停批出網絡小貸牌照，主要原因是與部分機構開展的「現金貸」業務存在較大風險有關。http://orientaldaily.on.cc/cnt/finance/20171122/00202_013.html

投贷联动
- http://finance.caixin.com/2015-12-18/100890301.html 12月18日，银监会城商行主任凌敢介绍，探索建立以投贷联动为核心的金融服务模式，针对创业企业轻资产、弱担保等特点，量身打造特色产品。北京银行、汉口银行等高管也均表示，在探索和推动“投贷联动”的试点工作，并已取得了一定的经验。　近年来，银行业“投贷联动”的呼声越来越高。投贷联动模式，是指银行对科技型创新型企业进行“股权+债权”的投放，以股权收益弥补信贷资金风险损失。以国外形式来看，银行通过子公司进行股权投资，或者引入PE/VC等合作；银行再跟进贷款。目前《商业银行法》与《贷款通则》等均对银行投资PE等业务存在限制。据《商业银行法》，商业银行不得向非银行金融机构和企业投资，不能直接持有非企业的股权；《贷款通则》第20条规定，不得用贷款从事股本权益性投资。


Cross border financing
- http://www.hkcd.com.hk/pdf/201503/0304/HZ09304CZXX.pdf government to lift restrictions on cross border financing

Cross border fx payment
- http://www.chinapost.com.tw/business/asia-china/2015/02/02/427973/China-boosts.htm A pilot program for cross-border foreign exchange payments will be expanded to support thedevelopment of cross-border e-commerce and limit the risks associated with online paymentsinvolving foreign currencies, the State Administration of Foreign Exchange announced onThursday. The SAFE said it would allow qualified third-party payment institutions to join a pilot program toprovide centralized receipt and payment services of foreign exchange and the associated buyingand selling services. The transactions must relate to online payments for cross-border e-commerce. Previously, a transaction for a single shipment could not exceed the equivalent of $10,000. Thelimit for a single transaction related to overseas education, airline tickets and hotels was $50,000or the equivalent. The cap for a single shipment has been raised to $50,000, the same as for education and travel. To join the pilot program, payment institutions must register as foreign exchange receipt andpayment companies at a local SAFE bureau. They must also verify the authenticity of eachtransaction, maintain records for five years and report relevant business information andstatistics to the regulator promptly.

currency exchange online
- http://paper.takungpao.com/resfile/PDF/20151203/PDF/b4_screen.pdf 國家外匯管理局昨日表示， 為提高境內個人本外幣兌換服務水平，促進和 規範個人本外幣兌換特許業務（以下簡稱特許 業務）開展，特許機構可通過互聯網辦理兌換 業務。 外管局昨日的通知表示， 「通過互聯網辦理 兌換業務」是指境內個人通過互聯網、移動終端 等電子渠道向特許機構預訂外幣現鈔或電子旅行 支票，完成訂單支付，並通過特許機構營業網點 或其他符合規定的網點提取外幣現鈔或電子旅行 支票的業務。 明確特許機構通過互聯網辦理兌換業務，應 具備近兩年內特許業務經營中未發生重大違規行 為；具有辦理業務必需的管理制度；具有適合辦 理業務的軟硬件設置和人員等。

payment solutions
- 中國央行副行長范一飛表示， 央行將繼續秉持支付市場開放發展的政策，鼓勵 外資銀行、國際銀行卡組織等積極參與內地支付 模式的建設，不存在所謂外資和內資合作才能設 立銀行卡機構，或僅對外資機構進行數量限制。 中國今年六月起對銀行卡清算機構實施准入 管理，並全面放開境內企業法人和境外機構進入 內地銀行卡清算業務市場，境外機構也可通過申 請設立銀行卡清算機構參與中國人民幣的銀行卡 清算市場。惟此前有消息指，外資或須與內資機 構合作才能取得牌照，同時也會對外資機構准入 作數量限制。http://paper.takungpao.com/resfile/PDF/20151111/PDF/b9_screen.pdf
- http://www.chinadailyasia.com/hknews/2016-05/19/content_15435912.html The country’s biggest third-party payment system, backed by e-commerce behemoth Alibaba, informed Ma via a mobile phone message last Tuesday to have her Alipay account linked to a mainland bank account in her own name and a mainland mobile phone number by May 20, as the central government tightens its grip on real-name registration for third-party online payment services. The rules were detailed by People’s Bank of China back in December last year and are going to take effect on July 1 this year.
- http://www.scmp.com/news/china/money-wealth/article/2003032/china-give-all-clear-mobile-swipe-payments
-  人民銀行昨日發佈公告，明確外商投資支付機構的准入和監管政策，自發佈之日起實施。根據公告，外資機構可以開始申請支付業務許可證，且將對內資、外資同等 對待。人行數據顯示，2013年至2017年，支付機構處理的業務金額成長八倍，達到169萬億元人民幣（約27萬億美元）。分析指出，監管層允許外商進 入如此龐大的支付服務市場，顯示中國不僅兌現了進一步開放金融領域的承諾，亦對內地支付服務公司的競爭實力非常有信心。人行公告主要包括以下幾個方面：第一，境外機構擬為境內主體的境內及跨境交易提供電子支付服務的，應在境內設立外商投資企業，並根據相關規定的條件和程序取得支付業務許可證。第二，外商投資支付機構應在境內擁有安全、規範、能獨立完成支付業務處理的業務系統和災備系統。第三，外商投資支付機構在中國境內收集和產生的個人信息和金融信息的存儲、處理和分析應當在境內進行。為處理跨境業務必須向境外傳輸的，應 當符合法律、行政法規和相關監管部門的規定，要求境外主體履行相應的信息保密義務，並經個人信息主體同意。第四，外商投資支付機構的公司治理、日常營運、 風險管理、資金處理、備付金交存，以及應急安排等應當遵守中國央行關於非銀行支付機構的監管要求。http://pdf.wenweipo.com/2018/03/22/b03-0322.pdf

郵幣卡
- http://pdf.wenweipo.com/2015/11/16/b06-1116.pdf 在「互聯網+」的風口 下，傳統的郵幣收藏正以電子盤的形式成為內地熱門投資品，像炒 股一樣炒錢幣郵票的財富效應凸顯，但其過山車般的行情亦引起業 界的擔憂。北交所福麗特郵幣交易平台創始人、福麗特董事長樊德 安昨在 2015中國首屆郵幣卡電子盤發展峰會直言，目前內地郵幣 卡交易平台就達 30多家，開辦沒有門檻，交易產品缺乏標準，且 無政府監管。他呼籲國家應盡快建立監管體系和行業標準，提示投 資風險，避免出現不少交易平台既當裁判員又當運動員的現象。

擔保機構和融 資擔保業務
-為實現融資擔保機構和融 資擔保業務監管全覆蓋，銀保監會會同發展 改革委、工業和信息化部、財政部、住房和 城鄉建設部、農業農村部、商務部、人民銀 行、市場監管總局等融資性擔保業務監管部 際聯席會議成員單位，聯合印發了《關於印 發融資擔保公司監督管理補充規定的通知》 （簡稱《補充規定》）。 明年中前須申辦業務許可證 根據《補充規定》，住房置業擔保公 司（中心）應當納入融資擔保監管。住 房置業擔保公司（中心），須於 2020年 6 月前向監督管理部門申領融資擔保業務 經營許可證，經營範圍以監督管理部 門批准文件為準，並接受監督管理部門 的監管，嚴格執行《條例》及配套制度 的監管要求。 另外，開展債券發行保證、擔保業務的 信用增進公司，由債券市場管理部門統籌管 理，同時應當按規定向屬地監督管理部門申 領融資擔保業務經營許可證，並接受其對相 關業務的監管。 汽車貸款擔保須設公司經營 汽車經銷商、汽車銷售服務商等機構如 要開展經營汽車消費貸款擔保業務的，須按 規定設立融資擔保公司經營相關業務。為各 類放貸機構提供客戶推介、信用評估等服務 的機構，也應按規定設立融資擔保公司。http://pdf.wenweipo.com/2019/10/24/b04-1024.pdf



E-commerce
- legislation

• 國務院 印發日前《關於同意在天津等 12個城市設立跨境電 子商務綜合試驗區的批覆》，此舉利好深圳數萬家 跨境電商企業。據悉，深圳目前正在起草的實施方 案，初步確立以前海為龍頭，囊括深圳全市，各區 域協同開展跨境電商業務的基本思路。http://pdf.wenweipo.com/2016/02/15/b07-0215.pdf
• http://paper.takungpao.com/resfile/PDF/20160311/PDF/a8_screen.pdf近年來，內地電商發展迅猛，同時假冒偽劣、欺詐侵權等現象也時有發生，相應立法日顯迫切。10日全國人大財經委副主任委員烏日圖在全國人大專題發佈會上表示，電子商務法目前已形成法律草案稿。　烏日圖説，電子商務是通過互聯網等資訊網絡進行商品銷售和服務提供的新型業態和經營模式。雖然出現的時間不長，但是其對發展經濟、改善流通，特別是方便民眾生活發揮了非常重要的作用。數據顯示，截至去年底，內地網購用户規模已達4.13億，去年前三季度，內地電商交易額達11.2萬億元人幣。在電商如火如荼發展的同時，一些問題也相伴而生，比如電商經營形式的合法性、電商經營秩序，尤其是一些侵犯消費者權益的問題仍時有發生。　　烏日圖説，電子商務法由全國人大財經委牽頭組織起草，目前已經形成了法律草案稿，並已列入十二屆全國人大常委會五年立法規劃，爭取儘早提請財經委全體會議審議後報請全國人大常委會審議。
• http://paper.takungpao.com/resfile/PDF/20161224/PDF/a14_screen.pdf 《中華人民共和國電子商務法（草案）》（簡稱草案 ）近日提交全國人大常委會審議，參與草案起草工作的北京師範大學互 聯網法律與政策研究中心主任薛虹23日表示，草案有三大特點：一是體 現了中國立法的 「原創智慧」 ，如賦予第三方電子商務平台法律地位； 二是明確了中方願意參與構建相關國際法律的態度；三是該草案是世界 首部綜合性的電子商務法案，有望引領此領域的立法潮流。
•  據中通社報道，中國首部電商領域綜合性法律《電子商務法（草案）》昨日第三次提請全國人大常委會審議，草案增加了微商、押金返還等新內容。三審稿明確提出，在電子商務（電商）經營者範圍中，通過微信、網絡直播等社交平台銷售商品或提供服務的電商經營者，也擬納入電子商務法。這意味着，今後微商等形式的電商服務或將納入中國法律監管範圍。http://pdf.wenweipo.com/2018/06/20/a06-0620.pdf
• 近年電子商務行業愈來愈發達，不少海外代購從國外入手商品，再經內地網絡平台出售牟利。為應對電商衍生的假貨問題，內地周二實施電子商務法，個人代購必須繳稅及持有營業執照，有指該法例將給南韓的免稅業造成一定打擊。http://orientaldaily.on.cc/cnt/china_world/20190105/00178_016.html

- positive list

• http://paper.takungpao.com/resfile/PDF/20160417/PDF/a7_screen.pdf 15日夜間，中國財政部、發改委、商務部等13個部門共同發佈了跨境電商零售進口商品第二批“正面清單”。這批清單共151個8位税號商品，包括生鮮水果，大米等農產品，魚肝油、蜂產品、維生素等保健食品，以及血壓測量儀器等醫療器械等。同時，食品藥品監管總局明確進口嬰幼兒配方乳粉暫不需要配方註冊證。至此，跨境電商正面清單中的商品增至1293個8位税號商品。　據中新社報道：根據規定，只有列入清單的商品能夠按照跨境電商的税制進口，其他產品則要按照一般貿易或其他商品行郵的税制進口，不能適用於針對跨境電商的税收優惠政策。　所謂新的税收優惠政策，即跨境電商零售進口商品按照貨物徵收關税和進口環節增值税、消費税。限值以內的貨品，關税税率暫設為0%，增值税、消費税暫按法定應納税額的70%徵收。財政部關税司相關負責人表示，第二批清單是在第一批的基礎上，從支持跨境電商新業態發展、利於電商企業平穩過渡的角度研究制定的。兩批清單涵蓋了跨境電商服務進口試點期間實際進口的絕大部分商品，可滿足內地大部分消費者的需求，有利於跨境電商繼續發展。　　同時，第二批清單中，部分商品都做了説明。如食品藥品監管總局對“依法需要經過註冊或備案的醫療器械、特殊食品（包括保健食品、特殊醫學用途配方食品等）進行了説明，並明確目前跨境電商零售進口嬰幼兒配方乳粉暫不需要獲得相關產品的配方註冊證書。

- 國務院總理李克強4月7日主持召開國務院常務會議，推出增設跨境電子商務綜合試驗區、支持加工貿易、廣交會網上舉辦等系列舉措，積極應對疫情影響努力穩住外貿外資基本盤。會議決定，在已設立59個跨境電商綜合試驗區基礎上，再新設46個跨境電商綜合試驗區。推廣促進跨境電商發展的有效做法，同時實行對綜試區內跨境電商零售出口貨物按規定免徵增值稅和消費稅、企業所得稅核定徵收等支持政策，研究將具備條件的綜試區所在城市納入跨境電商零售進口試點範圍，支持企業共建共享海外倉。http://hk.hkcd.com/pdf/202004/0408/HA12408CZXX_HKCD.pdf
- 国务院常务会议还决定，将跨境电商零售进口监管过渡期政策再延长一年至2018年底，并加快完善相关制度。http://paper.takungpao.com/resfile/PDF/20170921/PDF/a22_screen.pdf

- http://europe.chinadaily.com.cn/business/2015-03/04/content_19710668.htm The State Administration for Industry and Commerce released an enhanced consumer protection regulation on Tuesday governing e-commerce purchases. Under the new regulation, customers can return the opened goods they bought online within seven days and get full refunds, without providing any reason for the return. The rule is slated to come into effect on March 15. Online retailers who refuse or delay to process the returns could be imposed fines as high as 500,000 yuan ($79,650), according to the administration. The current law, which was put into effect on March 15 last year, requires that goods bought online be returned within seven days without excuses, but does not give details on whether the opened items can be returned.

- 海關總署昨日表示，近年跨境電子商務已逐步成為促進外貿發展的重要力量。海關會同有關部門已開展了跨境電商服務試點，建立與試點監管模式配套的資訊化平台，並增設跨境電商進出口監管方式，相關進出口數據已基本納入海關統計。另外，海關正在配合財政部等部委，制定跨境電商零售進口税收政策。海關總署新聞發言人黃頌平在發佈會上表示，目前，跨境電商中企業對企業（B2B）這部分貿易，按一般貿易進行監管、徵税，並已納入海關統計數據中。企業對個人（B2C）這部分商品，單件價值一千元以上的，也按貨物進行監管徵税和統計。http://paper.takungpao.com/resfile/PDF/20150714/PDF/b1_screen.pdf- http://www.hkcd.com.hk/pdf/201509/0902/HA08902CZXX.pdf Mofcom and other ministries and departments announced measures to promote e-commerce in countryside
- to limit the relaxation policy towards e-commerce http://www.hkcd.com.hk/pdf/201511/1118/HA10B18CZXX.pdf

o2o
- http://pdf.wenweipo.com/2015/09/08/a18-0908.pdf 沈丹陽透露，商務部正在起草 有關政策性文件，將一如既往支 持 O2O，促進商貿流通創新發 展。
- http://www.chinadaily.com.cn/cndy/2016-01/07/content_22966983.htm At an executive meeting of the State Council on Wednesday, government officialssaid more cross-border e-commerce comprehensive pilot zones should be set up inChina to provide more support for export development.
- http://www.chinadaily.com.cn/china/2016-11/15/content_27377883.htm The government has issued a set of new policies to urge traditional retailers to strengthen their links with e-commerce sites, logistics companies, and finance and telecommunications operators, as online shopping sites have become a growing force in China's retail sector. The State Council, China's Cabinet, said e-commerce operators and bricks-and-mortar shops could integrate market resources and combine their advantages by cross shareholding, mergers and acquisitions and other forms of strategic cooperation, according to the statement it released on Nov 11, or Singles' Day, the country's biggest shopping day of the year. Traditional retailers should combine their advantages in services and experiences with online data and circulation and expand their intelligent layout. E-commerce sites may conditionally release data resources to traditional retailers, to help them raise their resources allocation efficiencies and improve their decision-making standards.
- 17日，商務部新聞發言人透露，2018年1月1日起，對跨境電 商零售進口商品暫按照個人物品監管。同時明確，上述新監管模式在目前已經批准的跨境電商零售 進口試點城市和跨境電子商務綜合試驗區實施，包括杭州、天津、上海、重慶、合肥、鄭州、廣州 、成都、大連、寧波、青島、深圳、蘇州、福州、平潭共15個城市http://paper.takungpao.com/resfile/PDF/20170319/PDF/a9_screen.pdf
- tax

•  本来是为个人入境时携带适量自用物品予以减免税的行邮税政策被一些电商平台用于海淘商品，从而引发了国内不少经营海外商品的零售业者的不满，因为按照正常的货物进口税额计算，这些海淘的税负明显低于后者，但这些商品其实都是用于经营最终被国内消费者买走。针对这一现象，国内零售业中出现了取消行邮税、并轨货物税的呼声。而海关总署副署长鲁培军在答记者问环节表示，下一步会不会把货物税和物品税进行合并，这个问题有关部门正在进行研究，到现在为止还没有定论。   据海关人士介绍，所谓行邮税，是行李和邮递物品进口税的简称，是海关对入境旅客行李物品和个人邮递物品征收的进口税。由于其中包含了进口环节的增值税和消费税，因此也是对个人非贸易性入境物品征收的进口关税和进口工商税收的总称。行邮税设有单独的税率表，根据物品类别的划分设有相应的单一的进口税率。行邮税的征收对象是超过海关总署规定数额但仍在合理数量以内的个人自用进境物品，具体是指旅客行李物品、个人邮递物品以及其他个人自用物品。凡准许应税进境的旅客行李物品、个人邮递物品以及其他个人自用物品，除另有规定的以外，均按《中华人民共和国进出口关税条例》征收进口税。根据《中华人民共和国进出口关税条例》规定，进境物品的关税以及进口环节海关代征税合并为进口税，由海关依法征收，因此行邮税的征管工作是海关征税工作的重要组成部分，通过征收行邮税对一些国内外差价较大的重点商品根据不同的监管对象予以必要和适当的调控，从而发挥关税的杠杆作用。   据北京青年报记者了解，目前世界上大多数国家都没有区分货物和物品进行征税，即没有单独的行邮税概念。不过，为了保证旅客携带少量自用物品免税入境，各国都有一个低值商品的概念。比如美国海关会对200美元以下的商品准予免税进境；200美元以上至2500美元以下的商品按照简易申报程序进行监管征税。http://epaper.ynet.com/html/2015-06/02/content_123114.htm?div=0
• http://www.chinadaily.com.cn/business/2016-03/31/content_24201324.htm The new taxation policy, announced by the Ministry of Finance, the General Administration ofCustoms and the State Administration of Taxation last week, led to a heated debate in my office.Some of my colleagues said they hadn't made any cross-border purchases because many onlineretailers were neither honest nor offered good post-sales services.

- pilot

• 記者11月30日從新發布的《廣東省人民政府關於印發中國（珠海）、中國（東莞）跨境電子商務綜合試驗區實施方案的通知》獲悉，珠海、東莞正式設立跨境電商綜合試驗區。其中，珠海試驗區將打造「珠港澳跨境電子商務生態圈」，特別是把握港珠澳大橋通車的歷史性機遇，加強珠港澳「陸空聯運」，力爭實現內地往來港澳國際機場的進出口貨物無障礙快速通關；支持大橋珠海口岸申建進境水生動物等指定口岸。珠海市政府官員透露，「港珠澳物流聯盟」已成立，珠港雙方也簽訂「香港─珠海貿易便利電子平台」合作協議，探索實現內地電子口岸與香港互通互聯。http://paper.takungpao.com/resfile/PDF/20181201/PDF/a16_screen.pdf

內地加強管理彩票，財政部、民政部和國家體育總局周一公布，今年八月十六日已通過修改《彩票管理條例實施細則》，將由十月一日起施行。今次修例最主要的修改，是將利用互聯網銷售的福利彩票和體育彩票，均視為非法彩票。是次修例還將查處非法彩票的官方部門由「工商行政管理機關」修改為「市場監督管理部門」。http://orientaldaily.on.cc/cnt/china_world/20180904/00178_011.html

fintech
- 國家金融與發展實驗室（NIFD）昨天發佈的金融監管藍皮書指出，金融科技將給監管體系帶來重大挑戰，尤其金融監管當局對於金融科技及其監管的理念尚未釐清，內地可以考慮進行沙盒監管機制的試點，為金融科技創新提供新的機制保障，並構建金融科技監管長效機制。 http://pdf.wenweipo.com/2017/06/20/b03-0620.pdf
- 人行科技司司長李偉昨日在北京表示，人行正會同相關部委，在北京、上海、廣州等十個省市開展金融科技應用試點，該試點也叫「中國版監管沙盒」，在制定方案之初就考慮到可能的風險，建立風險補償及退出機制。他更透露，人行正在制定金融科技發展規劃，預期近期能夠出台。http://paper.takungpao.com/resfile/PDF/20190714/PDF/a6_screen.pdf

ICO
- ICO（初始发行代币融资）监管措施出台如箭在弦。继周六晚间比特币中国公告即时暂停ICO币的充值与交易业务，周日傍晚，中国交易量最大的ICO平台 ICOAGE也发布了暂停服务公告。据内媒报道，监管层已把ICO判断为变相非法集资，相关规范文件将于近期发放。分析认为，应把针对P2P、众筹等的监 管拓展到包括ICO的所有在互联网技术平台上开展的金融活动，并建议投资者要了解项目的可行性、收益和风险。http://paper.takungpao.com/resfile/PDF/20170904/PDF/b1_screen.pdf 
- 上海市互聯網金融風險專項整治工作領導小組辦公室指，上海相關的首次代幣發行（ICO）平台，已發行項目逾90%已基本完成清退，比特幣（Bitcoin）等虛擬貨幣交易平台均提出退出方案，並着手清退客戶資金、資產，涉及的交易平台有17家。orientaldaily 24sep17


ip protection
- 意大利奢侈品牌Gucci首席執行官比扎里周一表示，由於假貨氾濫，暫時不願與阿里巴巴和京東運營的中國電商平台合作。