China: Finance and Banking

The Central Financial Work Conference held at the end of October noted that finance is "the bloodline of the national economy" and proposed for the first time the goal of "accelerating the construction of the country to a financial powerhouse".

On 19 April 2024, CSRC issued five measures aiming at enhancing cooperation with Hong Kong in the financial markets, including efforts to optimise the MRF framework. On 20 December 2024, CSRC formally promulgated the Provisions on the Management of Hong Kong Mutual Recognition Funds (the "MRF Provisions"), which will come into effect on 1 January 2025

On 6 January 2025, the National Financial Regulatory Administration ("NFRA") issued the Administrative Measures on Margin Requirements for Non-centrally Cleared Derivatives Transactions of Financial Institutions (hereinafter referred to as the "Measures").