China's Recent Efforts To Strengthen Coordinated Financial Regulation

The fifth National Financial Work Conference (the "Conference"), held from July 14 to 15, 2017, demonstrated that the Chinese government gives high priority to reducing financial risks and aims to strengthen coordinated financial regulation. As a result of the Conference, the State Financial Stability and Development Commission has been established to lead the coordinated financial regulation. While the exact role of the commission is yet to be further defined, in the past two months relevant PRC authorities have taken various actions to strengthen financial regulation, including:

1. Studying and promoting the policies of the Conference.

Chinese authorities have been studying and promoting the policies set forth at the Conference by holding seminars and meetings, and issuing notices and guidelines. Besides the traditional financial regulators, i.e. the People's Bank of China ("PBOC"), the China Banking Regulatory Commission ("CBRC"), the China Securities