Preventing systemic risk is top goal this year: securities chief
Contingency plans should be comprehensive, division of responsibility among regulators should be clear, and action decisive, China Securities Regulatory Commission Chairman Liu Shiyu told Xinhua news agency on Saturday. Quality companies should receive timely listing approval and the registration-based IPO mechanism is the direction for regulation, Caixin said last Friday, citing Liu.
Controls on capital flows will remain, says SAFE, PBOC
The country will never revert back to the tight capital controls in the early days of opening up, but will keep promoting a more transparent financial market, said Pan Gongsheng, director of the State Administration of Foreign Exchange and deputy director of the People’s Bank of China, in an interview with Yicai on Sunday. Regulators of foreign exchange should both prevent the risk of cross-border capital flows, and facilitate trade and investment, Gong added.
2017 ‘a tough year for insurance capital’
The insurance industry needs to be more aware of risk responsibility and the bottom line, Chen Wenhui, Deputy Chairman of the China Insurance Regulatory Commission, said in a People’s Daily report on Sunday. The commission will support and guide the management of insurance capital to better serve the real economy, Chen said.
Split between central, local government spending targeted
Dividing the authority and responsibility of the central and local governments in public spending will be the focus of finance and taxation reforms this year, People’s Daily reported on Monday. Central government spending accounts for less than 15% of total expenditure, which will increase the burden on local governments and expose them to hidden risks, said Liu Shangxi, the director of the China Academy of Fiscal Sciences.
Bitcoin platforms set to combat illegal activities
Nine major digital currency platforms have announced new measures to combat illegal activities, including limiting the withdrawal and trading of bitcoin, freezing suspicious assets and standardizing fees at 0.1%, Caixin reported on Saturday. Some platforms also upgraded their anti-money laundering systems.