CBIRC Holds Forum on Foreign Banks and Insurance Institutions
CBIRC published a summary of the forum held on foreign banks and insurance institutions. On this occasion, CBIRC discussed the opening-up policy for the banking and insurance sectors in China. In accordance with the general requirement of "sooner rather than later, faster or slower," 34 banking and insurance measures have been introduced in the past two years. It was emphasized that the pace of financial sector opening to higher levels will not stagnate.
The liberalization measures have enriched the commercial presence of foreign institutions in China, expanded their business scope, optimized regulatory rules, and relaxed restrictions on foreign investment access and shareholding ratios. A comprehensive, multi-layered, and wide-ranging open structure of the banking insurance industry has basically taken shape. CBIRC will further deepen reform, expand opening up, and promote the high-quality development of the banking and insurance industry in the following ways:
- The first is to speed up the improvement of laws, regulations, and supporting systems; ensure that the opening measures are effective, and provide convenience for foreign financial institutions to operate in China.
- The second is to continue to deepen the structural reform of the financial supply side and promote sound competition and cooperation between Chinese and foreign institutions at a higher level.
- The third is to create a world-class business environment; build a policy environment that is in line with the international standards, consistent internally and externally, open and transparent, stable, and predictable; listen carefully to market voices; and help foreign financial institutions resolve their reasonable issues.
- The fourth is to "keep the bottom line of risk," adapt to the new pattern of two-way opening of finance, advance the modernization of financial supervision and governance system and governance capabilities, deepen cross-border supervision cooperation, and ensure that the door is opened and risks are managed.
Related Link (in Chinese): Press Release
Keywords: Asia Pacific, China, Banking, Insurance, Foreign Banks, Opening Up Policy, CBIRC
Previous Article
EBA Consults on Initial Reporting Requirements for Market RiskRelated Articles
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
