China

China and Indonesia have demonstrated pioneering policy actions and regulatory initiatives, resulting in changing practices at financial institutions, the Sustainable Banking Network says.

The initiative will be used to share know-how, expand client networks, and explore cross-border financing alternatives and cooperation in research projects.

The launch of the investor identification regime for southbound trading will mark the first time mainland investors will have their personal information shared with Hong Kong’s regulator.

The foreign ownership limit will be cancelled next year for futures companies, fund managers and securities firms from 1 January, 1 April and 1 December, respectively.

Banks and insurance companies are required to carry out self-inspections to detect and correct practices that infringe on the rights of consumers by 30 November.

Assets in the cross-border feeder ETFs have dropped in the three months since the scheme was launched, by more than two-thirds in the case of the Japan-invested assets.

Liu Shiyu has been removed from his government post and had his illegal gains confiscated, but he will remain a member of the CCP due to his cooperation in the probe.

The move is aimed at preventing an accounting practice the Finance Ministry says banks use to hide profits and dodge taxes and dividends.

The PBOC has approved PayPal’s acquisition of a majority stake in domestic payments firm Gopay, giving it access to various domestic payments licences.

The national social security fund will be used primarily to make up pension shortfalls, using capital from centrally-administered SOEs, including financial institutions.