CX Daily: China’s Financial Industry Regulators to Get Reshuffle of Responsibilities
China’s new premier vows to support private enterprises. The country’s Health Commission invites expert opinions on egg freezing
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The People's Bank of China on November 20, 2021.
Regulators /
Cover Story: China’s financial industry regulators to get reshuffle of responsibilities
China’s financial regulators, burdened by overlapping responsibilities, will consolidate and realign their roles with the creation of a new watchdog unit as part of a massive revamp of government agencies approved Friday at the annual meeting of the national congress.
The restructuring will establish the National Financial Regulatory Administration to replace the China Banking and Insurance Regulatory Commission, or CBIRC. The new regulator will assume all oversight of financial services except for the securities industry, which is to remain under the China Securities Regulatory Commission (CSRC). The new authority will also take over day-to-day supervision of financial holding companies from the Peoples Bank of China, or PBOC, the country’s central bank.
Premier /
China’s new premier vows to support private enterprises
China’s newly appointed Premier Li Qiang promised “unequivocal and steadfast” commitment in supporting private enterprises as his government zeroes in on the task of reviving the world’s second-largest economy.
During a one-and-a-half-hour media briefing Monday, the former party chief of Shanghai assured private entrepreneurs and enterprises that they will “enjoy a better environment and broader space for development,” while acknowledging difficulties that they had faced.
Xi appoints Li Qiang as China’s premier, succeeding Li Keqiang
China concludes central government reshuffle with new vice premiers, state councilors
Fertility /
China’s Health Commission invites expert opinions on egg freezing
China’s National Health Commission (NHC) is soliciting expert opinions on a potential policy shift to allow unmarried women access to egg freezing, Caixin learned.
With the support of the NHC, Peking University Third Hospital is also soliciting opinions on how to improve the effectiveness and safety of assisted reproductive technology, as well as medical service guarantees for women of high reproductive age, as the country struggles with a shrinking population and a falling fertility rate.
FINANCE & ECONOMY
People’s Bank of China Governor Yi Gang (Left) and Finance Minister Liu Kun.
Personnel /
China sticks with its central bank governor and finance minister
Yi Gang and Liu Kun will remain China’s central bank governor and finance minister, respectively, according to a meeting of the country’s top legislature Sunday.
China’s decision to avoid a sweeping leadership reshuffle at the People’s Bank of China (PBOC) and the Ministry of Finance comes as the central government transitions to a new administration under Li Qiang, the former Communist Party chief of Shanghai who was elected premier Saturday, succeeding Li Keqiang.
GDP /
Caixin Explains: Why China set its 2023 GDP growth target at ‘around 5%’
China set a GDP growth target of “around 5%” for 2023 earlier this month, which many consider moderate following a low base in 2022 and stronger-than-expected economic activity so far this year. But the country’s new leadership has echoed the cautious tone.
In his first press briefing as premier, Li Qiang told reporters Monday that achieving the growth target of “around 5%” won’t be easy, as China’s GDP surpassed 120 trillion yuan ($17.8 trillion) last year, which is a high base. Li said that the economy will face new challenges this year.
Silicon Valley Bank /
SVB China venture says operations have been stable, independent
Silicon Valley Bank’s joint venture in China said its operations have been independent and stable, seeking to calm local clients amid its U.S. parent’s collapse.
SPD Silicon Valley Bank Co. Ltd. has always operated in a stable manner in accordance with Chinese laws and regulations with a standard governance framework and independent balance sheet, the joint venture between Shanghai Pudong Development Bank and SVB said on its WeChat account Saturday. Founded in August 2012 as the first tech-focused bank in China, it has committed to serve China’s science and innovation enterprises, the venture said.
Quick hit /
China’s credit climbs, led by companies and local governments
BUSINESS & TECH
TikTok /
In Depth: TikTok walks on thin ice amid Western security fears
TikTok, the popular short video app owned by ByteDance Ltd., has come under increasing fire when expanding overseas as governments step up scrutiny of the platform over privacy and national security concerns.
Earlier last week, the White House endorsed a bipartisan bill that would give the U.S. president the ability to force the sale of foreign-owned technologies, applications, software or e-commerce platforms if they present a national security threat to American users. It doesn’t mention TikTok by name, but the video sharing app, with 100 million users in the U.S., is the clear target.
Autos /
Automakers in China are racing to slash prices
Several major automakers in China are racing to slash prices on both new-energy vehicles (NEVs) or conventionally powered vehicles, hoping to survive an escalating price war as consumer demand weakens amid policy changes.
The price war intensified at the start of March, when state-owned Dongfeng Motor Group Co. Ltd. launched a promotion in its home province of Hubei by offering steep discounts on some of its models, most of which run on gasoline. The discounts were subsidized equally by the automaker and the local government, which joined the wave of provinces and cities rolling out incentives to spur sales.
Quick hits /
Direct flights resume linking 10 mainland cities and Taiwan
China’s scandal-plagued semiconductor ‘Big Fund’ gets new chief
Editorial: Freedom and openness are at the heart of sci-tech innovation
Long Read /
What Li Yining taught China about economic reform
GALLERY
“Everything Everywhere All at Once” sweeps Oscars
