China’s financing opening up and regulatory convergence with the world

Alicia García-Herrero and Gary Ng

Contents

Foreword

Preface

Preface

Introduction: Suptech/regtech defined: Payments, sandboxes and beyond

1.

The uncertain prudential treatment of cryptoassets

2.

US regulatory certainty versus uncertainty for crypto and blockchain

3.

Bermuda: Suptech and regtech supporting the risk-based approach

4.

Suptech: A new era of supervisory philosophy

5.

Cloud computing in the financial sector: A global perspective

6.

DeFi protocol risks: The paradox of cryptofinance

7.

IT transformation in the Prudential Authority of South Africa: A case study

8.

Making the vision a reality: Perspectives from the Monetary Authority of Singapore

9.

Lessons from Hong Kong through the lens of the HKMA

10.

Technological change: Is it different this time?

11.

The ECB’s suptech innovation house: Paving the way for digital transformation of banking supervision

12.

China’s financing opening up and regulatory convergence with the world

13.

Disclosures and market discipline: The promise of regtech

14.

Regtech and new derivatives developments

15.

Fintech and regtech: Leading the evolution and regulation of alternative investments

16.

The role of artificial intelligence and big data in investment management

17.

The promise and challenges of machine learning in finance

18.

Data privacy and alternative data

19.

Digital ID and financial inclusion

20.

Strategic technology: Regulation and innovation of CBDCs

21.

Regulatory sandboxes: Innovation and financial inclusion

22.

Technology and sandbox development innovation in a transitional market: A case study

23.

Developing the regulatory ecosystem: The evolution of stablecoin

24.

Central bank digital currency, regtech and suptech

25.

Digital dollar: Cryptocurrency for everyday commerce

26.

CFTC regtech implications for virtual currency trading

27.

Fintech, regtech, suptech and central bank decision making

This chapter will discuss China’s financing opening and key regulatory changes, which could be of interest for the regtech industry given the economic and financial size of the country. Three themes are highlighted to illustrate China’s importance in promoting regulatory convergence in the financial services and related sectors: its financial opening and relevance globally; its implementation and progress so far; and its move toward regulatory harmonisation and global convergence.

HOW RELEVANT IS CHINA’S FINANCIAL OPENING TO THE WORLD’S INVESTMENT FLOWS AND REGULATORY TRENDS?

From the world’s factory to the magnet of investment flows, China has shown profound economic growth since the 1990s. The acceptance of Article VIII Obligations11 IMF members accepting the obligations of Article VIII undertake to refrain from imposing restrictions on the making of payments and transfers for current international transactions, or from engaging in discriminatory currency arrangements or multiple currency practices without IMF approval. by the International Monetary Fund (IMF) means China allows current account convertibility in most circumstances. Its accession to the World Trade

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