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Regulatory Responses to the Chinese Shadow Banking Development
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Portal Czasopism Naukowych (E-Journals) Jagiellonian Journal of Management vol. 1 (2015), no. 4, pp. 305–317 doi:10.4467/2450114XJJM.15.021.4830 www.ejournals.eu/jjm Regulatory responses to the Chinese shadow banking development Piotr Łasak1 The Jagiellonian University in Kraków, Institute of Economics, Finance and Management Abstract Shadow banking systems were developing rapidly in the Western economies during the last two decades. Research from recent years show that within the last years equally important process of shadow banking development occurs in some emerging markets, and among oth- ers, in China. The system was not only a sophisticated part of China’s financial market, but played very important role in the development of the Chinese economy. The aim of this arti- cle is a description of the mechanisms of shadow banking development in China, character- istics of the main threats of this system and the regulatory approach in the country. Despite many threats, the shadow banking system plays an important role in the Chinese econo- my. There is a need for its regulation and support for further development. Paper type: review article Keywords: Chinese financial market, shadow banking, trust companies, wealth manage- ment products Introduction Shadow banking is evolving mainly in developed countries. The Financial Stabili- ty Board estimates that in 2014 more than 80% of global shadow banking assets re- side in advanced economies (FSB Financial Stability Board, 2015, p. 2). Despite that there are several countries classified as an emerging economy or developing coun- try, where the system is growing very rapidly. -
The Public Banks and People's Bank of China: Confronting
Chapter 13 Godfrey Yeung THE PUBLIC BANKS AND PEOPLE’S BANK OF CHINA: CONFRONTING COVID-19 (IF NOT WITHOUT CONTROVERSY) he outbreak of Covid-19 in Wuhan and its subsequent dom- ino effects due to the lock-down in major cities have had a devastating effect on the Chinese economy. China is an Tinteresting case to illustrate what policy instruments the central bank can deploy through state-owned commercial banks (a form of ‘hybrid’ public banks) to buffer the economic shock during times of crisis. In addition to the standardized practice of liquidity injection into the banking system to maintain its financial viability, the Chi- nese central bank issued two top-down and explicit administra- tive directives to state-owned commercial banks: the minimum quota on lending to small- and medium-sized enterprises (MSEs) and non-profitable lending. Notwithstanding its controversy on loopholes related to such lending practices, these pro-active policy directives provide counter-cyclical lending and appear able to pro- vide short-term relief for SMEs from the Covid-19 shock in a timely manner. This has helped to mitigate the devastating impacts of the pandemic on the Chinese economy. 283 Godfrey Yeung INTRODUCTION The outbreak of Covid-19 leading to the lock-down in Wuhan on January 23, 2020 and the subsequent pandemic had significant im- pacts on the Chinese economy. China’s policy response regarding the banking system has helped to mitigate the devastating impacts of pandemic on the Chinese economy. Before we review the measures implemented by the Chinese gov- ernment, it is important for us to give a brief overview of the roles of two major group of actors (institutions) in the banking system. -
Annual Report
annual report How to find ASIC Business Centres Newcastle http://www.asic.gov.au Incorporation, document Telephone 02 4929 4555 lodgement, searches & fees Facsimile 02 4929 1759 Infoline Adelaide Perth Information for consumers and Telephone 08 8202 8500 Telephone 08 9261 4200 complaints about financial services Facsimile 08 8202 8510 Facsimile 08 9261 4210 and products (except lending), Brisbane Sydney investors’ rights, companies, Telephone 07 3867 4900 Telephone 02 9911 2500 company directors, auditors & Facsimile 07 3867 4930 Facsimile 02 9911 2550 liquidators, company administration, Canberra Townsville policy & procedures Telephone 02 6250 3850 Telephone 07 4721 3885 1300 300 630 Facsimile 02 6250 3888 Facsimile 07 4721 3803 Darwin National Offices Telephone 08 8943 0950 Information Processing Centre Facsimile 08 8943 0960 Company annual returns, penalty Policy and coordination notices, deregistration and rein- Melbourne Geelong statement Sydney Telephone 03 5229 2966 Facsimile 03 5229 2940 Traralgon,VIC Regional Offices Gold Coast Telephone 03 5177 3700 Telephone 07 5528 1960 Corporate regulation and Facsimile 03 5177 3999 Facsimile 07 5528 1968 investigations Hobart Australian Capital Territory Telephone 03 6235 6850 New South Wales Facsimile 03 6235 6860 Northern Territory Melbourne Queensland Telephone 03 9280 3500 South Australia Facsimile 03 9280 3550 Tasmania Victoria Western Australia until 30 June 1998 the Australian Securities Commission Contents Highlights 1 ASIC at a glance 2 1997-98 summary of results 3 Key results -
C-Shares CSI 300 Index ETF Prospectus 匯添富資產管理(香 港)有限公司
China Universal International ETF Series C-Shares CSI 300 Index ETF Prospectus 匯添富資產管理(香 港)有限公司 China Universal Asset Management (Hong Kong) Company Limited 2701 One IFC, 1 Harbour View Street, Central, Hong Kong Tel: (852) 3983 5600 Fax: (852) 3983 5799 Email: [email protected] Web: www.99fund.com.hk Important - If you are in any doubt about the contents of this Prospectus, you should consult your stockbroker, bank manager, solicitor, accountant and/or other financial adviser for independent professional financial advice. CHINA UNIVERSAL INTERNATIONAL ETF SERIES (a Hong Kong umbrella unit trust authorized under Section 104 of the Securities and Futures Ordinance (Cap. 571) of Hong Kong) C-Shares CSI 300 Index ETF (Stock Codes: 83008 (RMB counter) and 03008 (HKD counter)) PROSPECTUS MANAGER China Universal Asset Management (Hong Kong) Company Limited LISTING AGENT FOR C-Shares CSI 300 Index ETF GF Capital (Hong Kong) Limited 3 July 2013 The Stock Exchange of Hong Kong Limited (“SEHK”), Hong Kong Exchanges and Clearing Limited (“HKEx”), Hong Kong Securities Clearing Company Limited (“HKSCC”) and the Hong Kong Securities and Futures Commission (“Commission”) take no responsibility for the contents of this Prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Prospectus. China Universal International ETF Series (“Trust”) and its sub-funds set out in Part 2 of this Prospectus, including its initial Sub-Fund, C-Shares CSI 300 Index ETF (“CSI 300 ETF”) (collectively referred to as the “Sub- Funds”) have been authorised by the Commission pursuant to section 104 of the Securities and Futures Ordinance. -
Shenzhen – Hong Kong Stock Connect (Northbound)
Shenzhen – Hong Kong Stock Connect (Northbound) On 10th April 2014 the Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) jointly announced approval to establish a scheme to allow cross border exchange access between the Stock Exchange of Hong Kong (SEHK) and the Shanghai Stock Exchange (SSE). Further development was announced by SFC and CSRC on 16th August 2016 that the Shenzhen-HK Stock Connect will be established by the Shenzhen Stock Exchange (SZSE) and SEHK. Note: You can trade through us at CIMB- Investment Bank Berhad by calling your Dealer’s Representative or Authorised Officer of CIMB Bank Berhad now. Pursuant to Clause 36 of CIMB's General Terms and Conditions, transactions involving securities traded on the Shenzhen – Hong Kong Stock Connect shall be subjected to the Supplemental Terms and Conditions for Northbound Trading of Shares through China Connect Market. General Terms and Conditions Applicable to Northbound Trading of Shares Through China Connect Market. Eligible Securities Only A-Shares will be included for trading in this initial phase. ETF will be included as eligible securities at a later stage once Shenzhen Connect has been in operation for a period of time. B Shares, Bonds and other listed securities will not be included. Also, at this stage, the program will be for secondary trading only; i.e., it will not apply to IPOs. Initial phrase the eligible securities are constituent stocks of (a) Constituent stocks of the SZSE Component Index; (b) SZSE Small / Mid Cap Innovation Index which have a market capitalization of not less than RMB 6 billion; and (c) All SZSE listed A-Shares which have corresponding H shares listed on SEHK except A-Shares shares not traded in RMB and shares included in the “risk alert board” or under delisting arrangement. -
Eco-Industrial Parks from Strategic Niches to Development Mainstream: the Cases of China
Sustainability 2014, 6, 6325-6331; doi:10.3390/su6096325 OPEN ACCESS sustainability ISSN 2071-1050 www.mdpi.com/journal/sustainability Article Eco-Industrial Parks from Strategic Niches to Development Mainstream: The Cases of China Lei Shi †,* and Bing Yu † State Environmental Protection Key Laboratory of Eco-Industry, School of Environment, Tsinghua University, Beijing 100084, China; E-Mail: [email protected] † These authors contributed equally to this work. * Author to whom correspondence should be addressed; E-Mail: [email protected]; Tel./Fax: +86-10-6279-6955. Received: 30 July 2014; in revised form: 5 September 2014 / Accepted: 9 September 2014 / Published: 12 September 2014 Abstract: China has implemented eco-industrial park (EIP) initiatives as a mainstream strategy of a circular economy since the turn of the new century. This paper presents the sustainable transition processes and outcomes of three EIP cases, Tianjin Economic and Technological Development Area (TEDA), Fuzhou Economic and Technological Development Area (FEDA) and the Xi’an High-Tech Zone (XHTZ). The cases uncovered four factors key to the transition of EIPs: technological trajectory dependency, spaces for experimentation, government as an enabler and regional embeddedness. Keywords: eco-industrial parks; strategic niches; sustainable transition; industrial ecology; China 1. Introduction In 2012, China took the lead as the world’s champion in terms of industrial output, surpassing the United States, and became the true “world plant”. In the 30-year economic miracle transition, industrial parks have played a great role as “policy pioneers”. To break the ice of the planned economy, China promoted industrial development firstly in the form of Economic and Technological Development Areas (ETDAs) in 1984 and then High-Tech Parks (HTPs) in 1988. -
Labuan Bulletin of International Business & Finance, 9, 2011, 24 – 43
LLLaaabbbuuuaaannn BBBuuulllllllleeetttiiiinnn OF INTERNATIONAL BUSINESS & FINANCE Volume 9, 2011 ISSN 1675-7262 INTEGRATION ANALYSIS OF THE PEOPLE’S REPUBLIC OF CHINA STOCK MARKETS Hock Tsen Wong 1, Zhang Chen School of Business and Economics, Universiti Malaysia Sabah Abstract This study analyzes the integration between the People’s Republic of China stock markets, namely Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and Hong Kong Exchanges and Clearing Limited (HKEx), in both long run and short run for the period from 3 rd July 1997 to 30 th June 2010. As Hong Kong rejoined China in 1 st July 1997, this study would imply a view on economy development tendency particularly financial market trends after the twelve years. The result obtained from the tests indicates that there is no long-run stable relationship between the three stock markets, but short-run causality exists. JEL Classification: G14; G15 Keywords: Stock market; China; Hong Kong; Cointegration; Causality 1. Introduction As a result of economic globalization, more and more investors, portfolio managers, and policy makers concern more on long-run and short-run relationships between financial markets. The People’s Republic of China is one of the most economic powerful countries, which achieves rapid economic growth, and its finance market keeps a high speed of development and globalization (Malkiel et al., 2008). After Hong Kong rejoining China in 1997, the connection between China mainland and Hong Kong financial markets is tighter day after day. Analyzing the stock markets’ cointegration and causality would be helpful in carrying forward mainland China’s capital market internalized stably and assisting the enterprises and investors being 1 Corresponding author: Locked Bag No. -
Competition in China's Securities Market: Reform of Current Regulatory System Chenxia Shi Monash University
Loyola University Chicago International Law Review Volume 3 Article 7 Issue 2 Spring/Summer 2006 2006 Competition in China's Securities Market: Reform of Current Regulatory System Chenxia Shi Monash University Follow this and additional works at: http://lawecommons.luc.edu/lucilr Part of the International Law Commons Recommended Citation Chenxia Shi Competition in China's Securities Market: Reform of Current Regulatory System, 3 Loy. U. Chi. Int'l L. Rev. 213 (2006). Available at: http://lawecommons.luc.edu/lucilr/vol3/iss2/7 This Feature Article is brought to you for free and open access by LAW eCommons. It has been accepted for inclusion in Loyola University Chicago International Law Review by an authorized administrator of LAW eCommons. For more information, please contact [email protected]. COMPETITION IN CHINA'S SECURITIES MARKET: REFORM OF CURRENT REGULATORY SYSTEM Chenxia Shit I. Introduction The recently amended Securities Law in China took effect on January 1, 2006.1 While the amended law could be stronger, it goes a long way in making amendments to more than 100 articles concerning "expansion of the scope of the securities under regulation, separate regulation for different financial sectors among the banking, insurance, and securities industries, public offering, forward trading, money and stock lending/financing, permitting State-owned enterprises ' 2 and banking funds to enter the stock market, and better protection of investors. The amended law provides a platform for liberalizing and developing China's securities market, however implementation of most of these reforms is left to the direction of the State Council to enact specific regulations. -
Reuters Institute Digital News Report 2020
Reuters Institute Digital News Report 2020 Reuters Institute Digital News Report 2020 Nic Newman with Richard Fletcher, Anne Schulz, Simge Andı, and Rasmus Kleis Nielsen Supported by Surveyed by © Reuters Institute for the Study of Journalism Reuters Institute for the Study of Journalism / Digital News Report 2020 4 Contents Foreword by Rasmus Kleis Nielsen 5 3.15 Netherlands 76 Methodology 6 3.16 Norway 77 Authorship and Research Acknowledgements 7 3.17 Poland 78 3.18 Portugal 79 SECTION 1 3.19 Romania 80 Executive Summary and Key Findings by Nic Newman 9 3.20 Slovakia 81 3.21 Spain 82 SECTION 2 3.22 Sweden 83 Further Analysis and International Comparison 33 3.23 Switzerland 84 2.1 How and Why People are Paying for Online News 34 3.24 Turkey 85 2.2 The Resurgence and Importance of Email Newsletters 38 AMERICAS 2.3 How Do People Want the Media to Cover Politics? 42 3.25 United States 88 2.4 Global Turmoil in the Neighbourhood: 3.26 Argentina 89 Problems Mount for Regional and Local News 47 3.27 Brazil 90 2.5 How People Access News about Climate Change 52 3.28 Canada 91 3.29 Chile 92 SECTION 3 3.30 Mexico 93 Country and Market Data 59 ASIA PACIFIC EUROPE 3.31 Australia 96 3.01 United Kingdom 62 3.32 Hong Kong 97 3.02 Austria 63 3.33 Japan 98 3.03 Belgium 64 3.34 Malaysia 99 3.04 Bulgaria 65 3.35 Philippines 100 3.05 Croatia 66 3.36 Singapore 101 3.06 Czech Republic 67 3.37 South Korea 102 3.07 Denmark 68 3.38 Taiwan 103 3.08 Finland 69 AFRICA 3.09 France 70 3.39 Kenya 106 3.10 Germany 71 3.40 South Africa 107 3.11 Greece 72 3.12 Hungary 73 SECTION 4 3.13 Ireland 74 References and Selected Publications 109 3.14 Italy 75 4 / 5 Foreword Professor Rasmus Kleis Nielsen Director, Reuters Institute for the Study of Journalism (RISJ) The coronavirus crisis is having a profound impact not just on Our main survey this year covered respondents in 40 markets, our health and our communities, but also on the news media. -
Ecological Urban Design for Science Education and Innovative District in Suzhou Industrial Park,China, 46Th ISOCARP Congress 2010
Tang Lei, Zhang Quan, Ecological Urban Design for Science Education and Innovative District in Suzhou Industrial Park,China, 46th ISOCARP Congress 2010 Ecological Urban Design for Science Education and Innovative District in Suzhou Industrial Park,China Tang Lei, Zhang Quan At present, the global environmental and ecological crisis are the emerging trends, resources, environment and economic development is the biggest dilemma facing mankind. Although nature's ecological environment and inclusive with carrying capacity, but as human beings to endlessly go on to seize resources, uncontrolled discharge of waste, permanent damage to the natural environment and directly endanger the living conditions of human beings. Natural disasters world-renowned expert Bill • Maikeguer in the "7 years to save the planet," declared that if greenhouse gases in the 7 years from now can not be controlled, then in 2015 the Earth will enter an irreversible vicious cycle. Therefore, the protection of Earth's ecological system, to maintain ecological balance, without delay. Although China's economic growth rate and economic growth have been envyed in the world, but the resource costs and environmental costs are also rising fast in the channel. China's economy will go to two major trends in the future, that the knowledge economy (KE) and the circular economy (RE), Science and Education Innovation District in Suzhou Industrial Park is at the match point between the two economies, based on its excellent scientific and technological innovation and superior industrial base. The goal of urban design is based on low-carbon eco-concept, to make it as a technology innovation and incubation of high-tech enterprises and low-carbon eco-city construction in pilot area. -
Congressional-Executive Commission on China Annual
CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA ANNUAL REPORT 2016 ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION OCTOBER 6, 2016 Printed for the use of the Congressional-Executive Commission on China ( Available via the World Wide Web: http://www.cecc.gov U.S. GOVERNMENT PUBLISHING OFFICE 21–471 PDF WASHINGTON : 2016 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Mar 15 2010 19:58 Oct 05, 2016 Jkt 000000 PO 00000 Frm 00003 Fmt 5011 Sfmt 5011 U:\DOCS\AR16 NEW\21471.TXT DEIDRE CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA LEGISLATIVE BRANCH COMMISSIONERS House Senate CHRISTOPHER H. SMITH, New Jersey, MARCO RUBIO, Florida, Cochairman Chairman JAMES LANKFORD, Oklahoma ROBERT PITTENGER, North Carolina TOM COTTON, Arkansas TRENT FRANKS, Arizona STEVE DAINES, Montana RANDY HULTGREN, Illinois BEN SASSE, Nebraska DIANE BLACK, Tennessee DIANNE FEINSTEIN, California TIMOTHY J. WALZ, Minnesota JEFF MERKLEY, Oregon MARCY KAPTUR, Ohio GARY PETERS, Michigan MICHAEL M. HONDA, California TED LIEU, California EXECUTIVE BRANCH COMMISSIONERS CHRISTOPHER P. LU, Department of Labor SARAH SEWALL, Department of State DANIEL R. RUSSEL, Department of State TOM MALINOWSKI, Department of State PAUL B. PROTIC, Staff Director ELYSE B. ANDERSON, Deputy Staff Director (II) VerDate Mar 15 2010 19:58 Oct 05, 2016 Jkt 000000 PO 00000 Frm 00004 Fmt 0486 Sfmt 0486 U:\DOCS\AR16 NEW\21471.TXT DEIDRE C O N T E N T S Page I. Executive Summary ............................................................................................. 1 Introduction ...................................................................................................... 1 Overview ............................................................................................................ 5 Recommendations to Congress and the Administration .............................. -
China Landscape: Selections from the Taikang Collection 2019
China Landscape: Selections from the Taikang Collection 2019 March 21 – May 5, 2019 Opening Reception: March 21, Thursday, 4:00pm Producer: Taikang Insurance Group General Organizer: Chen Dongsheng General Coordinator: Ying Weiwei Curator: Tang Xin Artists: Ai Xuan, Ai Zhongxin, Cai Guo-Qiang, Chen Ren, Chen Shaoxiong, Chen Yifei, Chen Zhen, Ding Fang, Ding Yi, Fang Lijun, Gao Weigang, Hu Xiangqian, Jiang Zhaohe, Jiang Zhuyun, Jin Shangyi, Li Yo u son g , Liu Chuang, Liu Kaiqu, Liu Wei, Liu Wei, Liu Xiaodong, Liu Xinyi, Liu Ye, Luo Zhongli, Ma Qiusha, Mao Xuhui, Nabuqi, Qiu Xiaofei, Shang Yang, Shen Yaoyi, Shi Chong, Su Tianci, Sui Jianguo, Wang Guangle, Wang Guangyi, Wang Sishun, Wang Yuyang, Wu Dayu, Wu Guanzhong, Wu Zuoren, Xie Molin, Xu Bing, Xu Wenkai (aaajiao), Yang Jiechang, Yao Qingmei, Yuan Qingyi, Yu Yo uha n , Zeng Fanzhi, Zhang Peili, Zhang Wenyuan, Zhang Xiaogang, Zhao Bandi, Zhao Zhao, PSFO, Zhou Chunya Address: No.A07, 798 Art Zone No.2 Jiuxianqiao Rd, Chaoyang District, Beijing, CHINA Open Hours: 11:00 - 17:00 Monday to Sunday About the Exhibition Taikang Insurance Group will present “China Landscape: Selections from the Taikang Collection 2019” from 21st March to 5th May 2019 at No.A07, 798 Art Zone. The exhibition is the third time we show Taikang Collection publicly, following its inaugural presentation at the National Art Museum of China in 2011 and the Wanlin Art Museum of Wuhan University in 2015. Warming up the inauguration of Taikang Art Museum, Chen Dongsheng, Chairman of the Board and Chief executive Officer of Taikang Insurance Group, plays the leading role of the general organizer of the exhibition, while Ying Weiwei, Secretary of The Board, Assistant President of Taikang Insurance Group plays the role of the general coordinator.