CX Daily: China Plans to Create Vast New Financial Regulator

Regulators /

China plans to create vast new financial regulator

China plans to create a national financial regulatory body that will oversee all parts of the financial industry other than securities, absorbing the China Banking and Insurance Regulatory Commission in the process, the State Council said Tuesday.

The new regulator, which has yet to be officially named, will take over the responsibilities for financial consumer protection and day-to-day supervision of financial holding companies from the People’s Bank of China (PBOC), as well as investor protection from the China Securities Regulatory Commission (CSRC), according to a proposal offered at this year’s annual meeting of the National People’s Congress, the country’s top legislature.

China to reorganize science and tech ministry, set up national data bureau

China to create new top regulator to manage data resources

Foreign policy /

China warns of ‘catastrophic consequences’ of U.S. zero-sum strategy

There could be “catastrophic consequences” for U.S.-China relations if Washington continued with its efforts to “contain and suppress” China under the pretext of competition between rivals, Foreign Minister Qin Gang said Tuesday.

The diplomat also rejected Western countries’ rationale for their pressure and sanctions against China on the Russia-Ukraine conflict, reiterating that China has not provided weapons to either side.

FINANCE & ECONOMY

China’s 2023 national budget released Sunday suggests local governments’ revenue from land sales will remain sluggish as cash-strapped property developers are reluctant to buy land to start new projects amid weak sales.

Budget /

China sees land sales flat at $1.1 trillion this year

China’s 2023 national budget released Sunday suggests local governments’ revenue from land sales will remain sluggish as cash-strapped property developers are reluctant to buy land to start new projects amid weak sales.

Revenue of government-managed funds, mainly from sales of land-use rights to property developers, plunged more than 20% to 7.8 trillion yuan ($1.1 trillion) in 2022. Such revenue is expected to edge up 0.4% this year, the Ministry of Finance said in its budget report submitted Sunday to the National People’s Congress, the country’s top legislature.

Money transfer /

China pushes back on Mark Mobius money-transfer complaint

There was nothing new or unusual about hurdles faced by billionaire investor Mark Mobius in trying to move a bundle of cash out of China, the nation’s top foreign exchange regulator said in response to his public complaint.

Everyone has to comply with regulations governing large, cross-border transfers of cash, and the nation’s capital control rules haven’t changed, the State Administration of Foreign Exchange (SAFE) told Caixin.

Quick hits /

Sequoia China Affiliate Applies for QFII Status

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BUSINESS & TECH

President Xi Jinping speaks to national political advisers from the China National Democratic Construction Association and the All-China Federation of Industry and Commerce, who are attending the first session of the 14th National Committee of the Chinese People's Political Consultative Conference, March 6. Photo: Ju Peng/Xinhua

Private businesses /

Xi calls for ‘unwavering’ support for China’s private sector

President Xi Jinping on Monday stressed the top leadership’s “unwavering” support for the country’s private sector, saying that nonpublic enterprises and entrepreneurs “belong to our own family.”

Xi also said that it’s necessary to “properly guide” private businesses to understand the Communist Party’s guidelines and policies to achieve healthy, high-quality development of the private economy, according to a report from the state-run Xinhua News Agency.

In a meeting with national political advisers that coincided with the country’s annual political gathering known as the “Two Sessions,” Xi stressed the need to allow private firms and entrepreneurs the confidence to “develop boldly.”

Quick hit /

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Tech Insider /

TikTok twin takes on e-commerce titans, tech agenda pushed at ‘Two Sessions’

Long Read /

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GALLERY

China scores big at Asian Cup

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