Three Financial Services Working Groups' Meeting with CBIRC

2022-11-18 | Beijing, Shanghai

On 18th November, 2022, the Banking and Securities Working Group, along with the Insurance Working Group, and the Non-banking Working Group, had a joint government meeting with the China Banking and Insurance Regulatory Commission (CBIRC), discussing about the presence challenges and business complementarity EU financial institutes have in China, especially under a complex international environment. 

The meeting was well hosted by the international cooperation department of CBIRC, joined by a group of technical departments directors, and the representatives from the three financial services working groups, to exchange ideas on the growth challenges set by some regulatory ratios, higher data compliance costs, and regulatory restrictions in non-hedging cross border derivatives transactions as well as in leasing sectors.

The regulator appreciated that EU financial institutes expressed their stability, and resilience in China especially under a complex international environment, and proposed to a deep investigation conducted by the EU chamber to better understand the strategies and business scale EU financial institutes have in China. The regulator also accepted the working groups' proposal concerning another dialogue regarding the positioning and values of EU financial institutes in China in near future.