CIRC to inspect institutions for deception, data distortion
The China Insurance Regulatory Commission will inspect industry firms for deception, concealment, data distortion and other sale tactics that lead to market chaos, Yicai reported. CIRC officers will inspect seven banking agencies, 16 institutions and its subsidiaries.
CBRC to propose 46 new rules this year
The China Banking Regulatory Commission will propose 46 rules this year, focusing on bankruptcy and wealth management among other issues, Caixin said on Monday evening. The rules will be announced after the People’s Bank of China sets new guidelines, the report said. The 46 CBRC rules can only take effect when the State Council gives approval.
Social Security Fund managed US$289.8 billion in assets in 2016
Total assets managed by the Social Security Fund reached 2 trillion yuan (US$289.8 billion) at the end of 2016, and has accumulated 403.318 billion yuan worth of investment income over the past three years, Yicai reported. National Social Security Fund Council President Lou Jiwei said it would expand the scope of investment this year.
Tougher rules on non-locals buying homes in Hebei
Non-local residents of Hebei province should provide no less than three years’ social security proof or tax certificates to purchase properties around Beijing and Xiongan districts, the Securities Daily reported.
Kaifeng tightens sales on new property
Homeowners in Kaifeng, Henan province, will only be allowed to sell their new purchases three years after receiving a property certificate, the Paper reported. The city also clamped down on prices, which can only be 10% higher than the sale of nearby properties.
National registration required on wealth management products
Banks and financing firms must now register information on their underlying assets and liabilities on wealth management products on a national platform, Jiemian reported on Monday evening. The platform, set up in September last year, took effect on Monday.
Online market fund Yuebao posts 4% returns
Alibaba’s online investment startup Yuebao posted an annual rate of return of 4%, the first time this investment product reached this level since a slump in 2015, the Securities Daily reported. Similar startups like Yuebao are expected to post similar returns, which are almost on a par with financial products offered through banks, which saw 4.5%.
PBOC sets up fintech working group
The People’s Bank of China has established a working group on fintech on Monday, the Economic Information Daily reported on Tuesday. The group will spearhead development of the fintech sector, and the use of big data and artificial intelligence in regulatory technologies, it added.