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Shanghai s Financial Industry – New Policy Measures to Go Global
china-briefing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from china-briefing.com Daily Mail and Mail on Sunday newspapers.
Shanghai s Financial Industry – New Policy Measures to Go Global
china-briefing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from china-briefing.com Daily Mail and Mail on Sunday newspapers.
Ever-tighter regulation of Chinese private funds: Time to re-visit tax planning
Henry Wong of KPMG China considers the changes announced through Announcement 71, and explores how foreign asset management firms can seize the new opportunities for establishing private funds in China. Sponsored by April 08 2021
In 2020, the China Securities Regulatory Commission (CSRC) officially released the first regulatory document specifically addressing the supervision of the Chinese private fund industry and private fund managers – ‘CSRC Announcement [2020] No. 71 – Provisions on Strengthening the Supervision of Private Investment Funds (Announcement 71)’.
The main purpose of Announcement 71 is to reinforce the supervision of private funds and crack down on various forms of non-compliance, thereby protecting the legal rights and interests of private fund investors and promoting the healthy and disciplined growth of the indust
By Addison Gong
25 Jan 2021
In this round-up, Beijing plans to increase oversight of debt management and corporate governance at Chinese lenders, Hong Kong is ready to include Star-listed A-shares into the Stock Connect, and the securities regulator gives the nod to set up a new futures exchange in Guangzhou.
Chinese banks recorded a foreign exchange settlement surplus of $158.7bn in 2020, shows data from the State Administration of Foreign Exchange (Safe). The amount was Rmb1.078tr in renminbi terms.
The total assets of the Chinese banking industry grew 10.1% year-on-year in 2020 to reach Rmb319.7tr, with a 10.2% rise in total debt to Rmb293.1tr, data from the China Banking and Insurance Regulatory Commission (CBIRC) showed.