China's Finance Sector in 2021: Continuous Innovation on the Basis of Steady Development

January 14, 2022 | BY

Susan Mok

Kevin Yuan, Lucca Li and Jocelyn Chen of FenXun Partners discuss China's efforts to support continuous financial innovation in 2021 based on steady development including taking steps to protect the security of personal data in the midst of rapid developments in finance and technology, implementing detailed rules and new initiatives related to fintech innovation, and taking clear steps to open up the financial market to the outside world.

Summary

|
  • In 2021, Chinese authorities promulgated multi-regulations on cryptocurrencies to prevent illegal financial speculation.
  • The Greater Bay Area (GBA) WM Connect was officially launched and brings historic development opportunities to private banks, wealth management and fund industries in the Guangdong, Hong Kong and Macao districts.
  • The Hainan Provincial government has successively issued measures for market access liberalization of the Hainan free trade port, several measures for trade liberalization and facilitation, a negative list of cross-border service trade, and a package of policies for financial reform and opening up.

Since 2019, COVID-19 has put many countries through challenging times especially the economic impact that it has had globally. Despite the difficult environment, China has continued on its path of opening up financial markets and forged ahead with innovation in the financial sector. It has also strengthened the protection of data security and personal information security, which lays the foundation for such initiatives.

To prevent risks in financial innovation owing to scientific and technological developments, Chinese regulatory authorities, in 2021, officially enacted basic laws for data protection

This premium content is reserved for
China Law & Practice Subscribers.

  • A database of over 3,000 essential documents including key PRC legislation translated into English
  • A choice of newsletters to alert you to changes affecting your business including sector specific updates
  • Premium access to the mobile optimized site for timely analysis that guides you through China's ever-changing business environment
For enterprise-wide or corporate enquiries, please contact our experienced Sales Professionals at +44 (0)203 868 7546 or [email protected]