{"id":53935,"date":"2020-10-09T09:39:15","date_gmt":"2020-10-09T13:39:15","guid":{"rendered":"https:\/\/ccbc.com\/?p=53935"},"modified":"2020-11-05T10:11:25","modified_gmt":"2020-11-05T15:11:25","slug":"opportunities-to-further-open-chinas-financial-market","status":"publish","type":"post","link":"https:\/\/ccbc.com\/zh-hans\/ccbc-past-events\/opportunities-to-further-open-chinas-financial-market\/","title":{"rendered":"Opportunities to Further Open China\u2019s Financial Market \u2013 Policy Update for the Shanghai Financial Service Industry"},"content":{"rendered":"[et_pb_section fb_built=&#8221;1&#8243; fullwidth=&#8221;on&#8221; disabled_on=&#8221;on|on|off&#8221; _builder_version=&#8221;3.23.3&#8243; background_image=&#8221;https:\/\/ccbc.com\/wp-content\/uploads\/2017\/07\/hero-single-event-1.jpg&#8221; custom_padding=&#8221;||75px|&#8221;][et_pb_fullwidth_post_title author=&#8221;off&#8221; comments=&#8221;off&#8221; featured_image=&#8221;off&#8221; text_color=&#8221;light&#8221; disabled_on=&#8221;off|off|&#8221; _builder_version=&#8221;3.23.3&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; text_orientation=&#8221;center&#8221; custom_padding=&#8221;50px|||&#8221;][\/et_pb_fullwidth_post_title][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; fullwidth=&#8221;on&#8221; disabled_on=&#8221;||on&#8221; _builder_version=&#8221;3.23.3&#8243; background_image=&#8221;https:\/\/ccbc.com\/wp-content\/uploads\/2017\/07\/hero-single-event-1.jpg&#8221; custom_padding=&#8221;||75px|&#8221;][et_pb_fullwidth_post_title author=&#8221;off&#8221; comments=&#8221;off&#8221; featured_image=&#8221;off&#8221; text_color=&#8221;light&#8221; disabled_on=&#8221;off|off|&#8221; admin_label=&#8221;Fullwidth Post Title &#8211; mobile &#8221; _builder_version=&#8221;3.23.3&#8243; title_font_size=&#8221;18px&#8221; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; text_orientation=&#8221;center&#8221; custom_padding=&#8221;50px|||&#8221; title_font_size_tablet=&#8221;&#8221; title_font_size_phone=&#8221;&#8221; title_font_size_last_edited=&#8221;on|tablet&#8221; z_index_tablet=&#8221;500&#8243; title_text_shadow_horizontal_length_tablet=&#8221;0px&#8221; title_text_shadow_vertical_length_tablet=&#8221;0px&#8221; title_text_shadow_blur_strength_tablet=&#8221;1px&#8221; meta_text_shadow_horizontal_length_tablet=&#8221;0px&#8221; meta_text_shadow_vertical_length_tablet=&#8221;0px&#8221; meta_text_shadow_blur_strength_tablet=&#8221;1px&#8221; box_shadow_horizontal_tablet=&#8221;0px&#8221; box_shadow_vertical_tablet=&#8221;0px&#8221; box_shadow_blur_tablet=&#8221;40px&#8221; box_shadow_spread_tablet=&#8221;0px&#8221; text_shadow_horizontal_length_tablet=&#8221;0px&#8221; text_shadow_vertical_length_tablet=&#8221;0px&#8221; text_shadow_blur_strength_tablet=&#8221;1px&#8221;][\/et_pb_fullwidth_post_title][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;3.22&#8243;][et_pb_row column_structure=&#8221;2_3,1_3&#8243; _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Event information&#8221; _builder_version=&#8221;4.6.6&#8243;]\n<p>In recent years, China&#8217;s financial regulatory agencies and local governments have issued a series of policies and regulations to encourage innovation in the financial industry. The development of innovation in the financial industry is inseparable from the opening up of the financial industry, and the two complement each other. The &#8220;Phase One Economic and Trade Agreement&#8221; signed by China and the United States on January 15th, Eastern Time, contains the commitment of China and the United States to open up financial services, which has a significant and positive impact on the opening up of China&#8217;s financial industry and even the financial industry innovation. Related institutions may also take the lead in landing in Shanghai Pudong and Lingang. The pilot project of the Lingang New Area&#8217;s finance is intended to accelerate the opening up of Shanghai&#8217;s financial industry at a higher level, and to support the integrated development of the Yangtze River Delta with finance, which is of great significance for leading the high-quality development of the national financial industry and accelerating the construction of a modern economic system.<\/p>\n<p>&nbsp;<\/p>\n<p>Key points discussed in the October 9 webinar were:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Best practices of obtaining licenses in the financial service industry<\/li>\n<li>Shanghai policy of regional headquarters: global financial centre of China\n<ul>\n<li>Regional headquarters of banks and insurances in Shanghai<\/li>\n<li>World\u2019s top 10 asset management companies registered in Shanghai<\/li>\n<li>24 of 25 wholly foreign-owned private equity in China registered in Shanghai<\/li>\n<\/ul>\n<\/li>\n<li>Restrictions on foreign ownership of securities, mutual funds removed from April 2020\n<ul>\n<li>Securities<\/li>\n<li>Mutual fund<\/li>\n<\/ul>\n<\/li>\n<li>Policy innovation in China (Shanghai) Pilot Free Trade Zone Lin-Gang Special Area<\/li>\n<\/ul>\n<p>This session was free of charge for CCBC members and non-members.<\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"CCBC Webinar: Opportunities to Further Open China\u2019s Financial Market\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/sdZtSg0htS0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"text-decoration: underline;\">About the speakers:<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-thumbnail wp-image-52957\" src=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/\u859b\u5cf0-2-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>XUE Feng<\/strong><br \/><em>President<\/em><br \/><em>Invest Shanghai<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Mr. XUE graduated from Shanghai Institute of Foreign Trade with a bachelor degree of Business English in 2005 and began his career since then, and graduated from Shanghai Jiaotong University with a master degree of Public Administration in 2014. Mr. XUE has worked for Department of WTO Affairs, Ministry of Commerce, and was appointed Deputy Director of Department of Trade in Services, Shanghai Municipal Commission of Commerce. From 2015-2017, he was also appointed Assistant General Manager of National Base for International Cultural Trade (Shanghai) as a personnel exchange program. Now he has been named President of Shanghai Foreign Investment Development Board (Invest Shanghai).<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-thumbnail wp-image-52948\" src=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/REN-Zhiyi-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>REN Zhiyi<\/strong><br \/><em>Senior Advisor<\/em><br \/><em>Shanghai Pudong Financial Association<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Mr. REN is a veteran lawyer in the financial regulatory area with about 20 years of experience in assisting multinational financial\/asset management companies to access China. Since the second opening of China\u2019s financial sector, Mr. REN, as the lawyer in charge, has assisted several offshore financial\/asset management companies to set up the groundbreaking first batch of foreign-controlled financial institutions and obtain onshore business permits including the first foreign controlled securities firms, the first wholly foreign-owned futures firm, the first case of the acquisition of a majority stake in a public fund management company by its foreign shareholder through the public listing process, the first Fintech Services Sub established by a multinational bank for its wealth management business, the first subsidiary of a foreign bank to obtain the license of fund distribution business, the first company to obtain a funds advisory license, one of the first wholly foreign-owned NPL disposal companies, the first foreign-invested company to establish an onshore bank cards RMB clearing network and one of the first batch of foreign PFMs filed with AMAC.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-thumbnail wp-image-52975\" src=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/WU-cropped-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>WU Wenxiang\u00a0<\/strong><br \/><em>Senior Manager<\/em><br \/><em>Shanghai Lin-Gang Special Area Economic Development Co., LTD.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>As a specialist of One Belt&amp;Road Initiatives and international investment standards, Mr. WU has focused on financial openness and innovation of Lin-Gang Special Area since he joined the company. Before joining Lin-Gang, Mr. WU worked for the investment center of the State Administration of Foreign Exchange of China (SAFE), responsible for overseas direct investment of Chinese foreign reserves and managing multiple international cooperation investment funds initiated by China. Mr. WU has achieved a Master&#8217;s Degree from the University of Illinois at Urbana and Champaign in USA, and Bachelor&#8217;s Degrees from Beijing University and Renmin University of China.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-thumbnail wp-image-52951\" src=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/Armstrong-CHEN-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Armstrong Chen<\/strong><\/p>\n<p><em>Senior Partner<\/em><br \/><em>Dentons <\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Armstrong Sheng Chen is Senior Partner of Dentons Law Offices in the Shanghai office, the leader of Dentons Global Banking and Financial Group, Dentons Shanghai Insurance Group and Financial Technology Group. He is the Director of Shanghai Law Society Banking Legal Practice Research Center.<\/p>\n<p>&nbsp;<\/p>\n<p>Mr. Chen worked in China Banking and Insurance Regulatory Commission (CBIRC), People\u2019s Bank of China (PBOC) and State Administration of Foreign Exchange (SAFE), specializing in foreign financial institutions supervision, legal review, legal counselling, financial industry legislation, innovation supervision, administrative penalty, administrative reconsideration, as well as capital account management. He has profound and comprehensive experience in dealing with regulatory\/central government-related issues as well as financial compliance and legal practice. He has worked together with foreign lawyers for various banks and enterprises in reviewing International Swaps and Derivatives Association (ISDA) Master Agreement and Attachment. He has also provided legal services for the establishment, equity changes and operational compliance of a number of private banks, foreign banks, rural small and medium financial institutions, and non-bank financial institutions.<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Moderator:<\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-thumbnail wp-image-50001\" src=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/05\/Sarah-Kutulakos-Executive-Director-CCBC-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Sarah Kutulakos<\/strong><\/p>\n<p><em>Executive Director<\/em><\/p>\n<p><em>Canada China Business Council<\/em><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>Sarah joined the CCBC in 2007 and has since revitalized CCBC\u2019s role as Canada\u2019s premier bilateral trade and investment organization. Sarah has re-centered the Council\u2019s activities around providing business services, catalyzing business growth and activity, and advocating for stronger Sino-Canadian bilateral trade and investment. This has resulted in extensive public outreach activities, internal infrastructure improvements, the launch of new programs such as the Business Incubation Centre, and thriving member relations.<\/p>\n<p>&nbsp;<\/p>\n<p>A fluent Mandarin speaker, Sarah\u2019s interest in China began at the University of Wisconsin, where she studied Chinese, marketing, and international business. She holds an MBA in finance and operations from the Simon School of Business at the University of Rochester. She frequently speaks on China issues, including marketing, trade, investment, and Canada-China relations.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Co-hosts:<\/strong><\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-52966\" src=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/Invest-Shanghai-300x141.jpg\" alt=\"\" width=\"300\" height=\"141\" \/><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-52963 size-medium\" src=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/Dentons-300x212.jpg\" alt=\"\" width=\"300\" height=\"212\" \/><\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Supporting organizations:<\/strong><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-52972\" src=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/\u6d66\u4e1c\u91d1\u878d\u4e1a\u8054\u5408\u4f1alogo-WEBv2-300x77.png\" alt=\"\" width=\"300\" height=\"77\" srcset=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/\u6d66\u4e1c\u91d1\u878d\u4e1a\u8054\u5408\u4f1alogo-WEBv2-300x77.png 300w, https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/\u6d66\u4e1c\u91d1\u878d\u4e1a\u8054\u5408\u4f1alogo-WEBv2-480x124.png 480w, https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/\u6d66\u4e1c\u91d1\u878d\u4e1a\u8054\u5408\u4f1alogo-WEBv2.png 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-52969\" src=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/\u4e34\u6e2flogo-WEB-300x92.png\" alt=\"\" width=\"300\" height=\"92\" srcset=\"https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/\u4e34\u6e2flogo-WEB-300x92.png 300w, https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/\u4e34\u6e2flogo-WEB-480x148.png 480w, https:\/\/ccbc.com\/wp-content\/uploads\/2020\/09\/\u4e34\u6e2flogo-WEB.png 500w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n[\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;1_3&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_gallery gallery_ids=&#8221;54078,54072&#8243; posts_number=&#8221;2&#8243; show_title_and_caption=&#8221;off&#8221; show_pagination=&#8221;off&#8221; zoom_icon_color=&#8221;#e3002b&#8221; disabled_on=&#8221;off|off|off&#8221; _builder_version=&#8221;4.6.6&#8243; hover_enabled=&#8221;0&#8243; pagination_font_size_tablet=&#8221;51&#8243; pagination_line_height_tablet=&#8221;2&#8243; sticky_enabled=&#8221;0&#8243;][\/et_pb_gallery][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"<p>In recent years, China&#8217;s finan [&hellip;]<\/p>\n","protected":false},"author":1485,"featured_media":54072,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[176],"tags":[],"class_list":["post-53935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ccbc-past-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/posts\/53935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/users\/1485"}],"replies":[{"embeddable":true,"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=53935"}],"version-history":[{"count":5,"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/posts\/53935\/revisions"}],"predecessor-version":[{"id":54081,"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/posts\/53935\/revisions\/54081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/media\/54072"}],"wp:attachment":[{"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=53935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=53935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ccbc.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=53935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}