Jian Fang | Fangda Partners

PRC Financial Regulation Annual Report (2022)

2021 was a year of significance, as in 2021, China embarked on its Fourteenth Five-Year Plan and marched on from its first centenary goal towards its second centenary goal of becoming a great modern socialist country and achieving the rejuvenation of the Chinese nation. 2021 was also a year full of challenges, as China faced the recurrent menace of COVID-19 and the volatile intricacies of the international environment. Against the long-term coexistence of such opportunities and challenges, the financial regulators, in its regulation, continued to uphold the underlying principle of pursuing progress while ensuring stability and the overarching policy of reform and innovation, in further support of the high-quality development of China’s economy.

With the deepening of reforms and continuing innovation of technology, the concept, framework and system of financial regulation in China will enter a new phase in 2022.This year is also the third year we present our PRC Financial Regulation Annual Report. For this new edition of the PRC Financial Regulation Annual Report (2022) series, we provide a comprehensive review of the principal themes of 2021 covering milestone events, main regulatory developments and key trends in the banking, securities, asset management/ wealth management, financial technology and insurance sectors, as well as looking ahead to the likely developments in 2022 in financial regulations, to provide practical and forward-looking guidance for all those engaged in financial services.

We are dedicated to provide effective, creative and timely legal services to meet the commercial needs of our clients. We have been working in the financial services sector for many years, advising both domestic and overseas clients on their most cutting-edge and complex legal issues in China’s financial services sector. We offer an in-depth understanding of the market and considerable transaction experience to deliver a highly valued service to our clients. We look forward to discussing with you the recent reforms in China’s financial policy and direction of development of financial regulations.

We welcome and highly appreciate feedback from those working directly in the financial services industry. Please feel free to get back to us with any comments or suggestions on the content of this report.

To review the old and gain the new, we look forward to stepping into the new journey of 2022 with you!

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PRC Financial Regulation Annual Report (2021)

2020 will be remembered as a historic year for many reasons, regrettably and largely for the unprecedented pandemic and the complicated and severe international situation. Despite all these challenges, the Chinese financial sector has undergone huge change over the past year, signaling the determination of China’s policy makers and regulators to carry through fundamental financial reform and opening-up.

During the year, a number of laws of major significance to the financial market including the Securities Law were amended and implemented or published for public opinion, laws and practice to eliminate “mandatory repayment” continued to progress, the opening-up policy was further implemented, regulation of internet finance were fully incorporated into regulation of the whole financial sector, and the “Yuan You Bao” event, which exposed poor risk management, gave rise to a further crop of new challenges for targeted risk control and regulation.

The year 2021 marks the beginning of China’s Fourteenth Five-Year Plan, and heralds deepened regulatory reform and opening-up policies on an expanded scale. 2021 is also the second year for our PRC Financial Regulation: Annual Report series, which examines developments of the previous year and provides a glimpse into the future to help businesses position themselves in China for the forthcoming year.

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Annual Financial Regulatory Report 2020

2019 marked the third full year since the holding of the Fifth National Financial Work Conference, which was a landmark event heralding the transformation of China’s financial services industry. During the year, financial regulation underwent significant change, the market was further opened to foreign participation and, generally, the process of market reform accelerated. Some notable developments included the launch of the STAR market, the trialing of the registration system, commercial banks being permitted to open wealth management subsidiaries, and the implementation of the loan prime rate (LPR) as the benchmark lending rate. The combined result of these changes spelled out major opportunities for businesses in financial services.

We have been working in the financial services industry for many years. We have a deep understanding of the market, which we know is very important for our clients. We look forward to discussing with you the direction in which financial services in China is headed, talking you through judicial thinking, reviewing recent reforms in China’s financial policy, and giving insight into likely developments. To this end, we have prepared this Annual Financial Regulatory Report (2020) to provide practical and forward-looking guidance, covering milestone events, main regulatory developments and key trends in the banking, securities, asset management, financial technology and insurance sectors.

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Author/Jian Fang

PRC Financial Regulation Annual Report (2022)

PRC Financial Regulation Annual Report (2021)

Annual Financial Regulatory Report 2020