Obligations Concerned: National Treatment (Article 9.2) Market Access for Financial Institutions (Article 9.4)
Level of Government: Central
Measures: Measures for the Administration of Foreign-Funded Securities Companies (2020);
Provisions on the Administration of Equities of Securities Companies (2021);
Regulation on the Supervision and Administration of Securities Companies (2014);
Securities Law of the People's Republic of China (2019).
Description:
1. A foreign investor investing in a securities company (7) shall be a foreign financial institution (8).
2. Branches established in China by foreign enterprises shall not operate securities related business.
Entry 7-Securities Investment Fund
Sector: Financial Services
Sub-Sector: Banking and other Financial Services (excluding insurance)
Obligations Concerned: National Treatment (Article 9.2) Market Access for Financial Institutions (Article 9.4)
Level of Government: Central
Measures: Official Reply of the State Council on Issues concerning Fund Management Companies Managing Publicly Offered Funds (2013);
Measures for the Supervision and Administration of Managers of Publicly Offered Securities Investment Funds (2022);
Securities Investment Fund Law of the People’s Republic of China (2015);
Measures for the Supervision and Administration of Distributors of Publicly Offered Securities Investment Funds (2020);
Answers to questions on the registration and filing of private funds by the Asset Management Association of China (10) (2016).
Description:
1. A foreign investor investing in an investment fund management company (9) shall be a foreign financial institution or a foreign institution that manages financial institutions; an independent distributor of publicly offered securities investment funds shall be a foreign financial institution.
2. A foreign investor investing in a private fund manager shall be a foreign financial institution.
3. Branches of foreign enterprises established in China shall not operate securities investment fund management or distribution of publicly offered securities investment funds related business.
Entry 8-Futures
Sector: Financial Services
Sub-Sector: Banking and other Financial Services (excluding insurance)
Obligations Concerned: National Treatment (Article 9.2) Market Access for Financial Institutions (Article 9.4)
Level of Government: Central
Measures: Futures and Derivative Law of the People's Republic of China (2022)；
Regulation on the Administration of Futures Trading (2017);
Measures for the Supervision and Administration of Futures Companies (2019);
Measures for the Administration of Foreign-Funded Futures Companies (2018);
Provisions on Regulating Issues Concerning Holding Controlling Shares or Holding Shares in Futures Companies (2008);
Measures for the Administration of Depository Banks Designated by Zhengzhou Commodity Exchange (2022);
Measures for the Administration of Depository Banks Designated by Dalian Commodity Exchange (2021);
Measures for the Administration of Depository Banks Designated by Shanghai Futures Exchange (2021);
Measures for the Administration of Depository Banks Designated by the Guangzhou Futures Exchange (2022);
Measures for the Administration of Depository Banks Designated by the China Financial Futures Exchange (2020).
Description:
1. A foreign investor investing in a futures company (10) with its holding shares reaches 5％ shall be a foreign financial institution.
2. Branches of foreign enterprises established in China shall not operate futures related business.
3. Branches of foreign enterprises established in China shall not apply for qualifications of the designated futures security depository banks.
Entry 9- Securities Fund Investment Consulting
Sector: Financial Services
Sub-Sector: Banking and other Financial Services (excluding insurance)
Obligations Concerned: National Treatment (Article 9.2) Market Access for Financial Institutions (Article 9.4)
Level of Government: Central
Measures: Measures for the Administration of Securities Fund Investment
Consulting Business (Consultation Paper and the final Measures in force)
Description:
1. A foreign investor investing in a securities fund investment consulting agency (11) shall be a financial institution.
2. Branches of foreign enterprises established in China shall not operate securities fund investment consulting related business.
Section B.
Entry 1- Cross-Border Trade
Sector: Financial Services
Sub-Sector: Banking and other Financial Services (excluding insurance)
Obligations Concerned: National Treatment (Article 9.2) Market Access for Financial Institutions (Article 9.4) Senior Management and Boards of Directors (Article 9.8) Cross-Border Trade (Article 9.5)
Level of Government: Central
Measures: Securities Law of the People's Republic of China (2019);
Futures and Derivative Law of the People's Republic of China (2022)；
Regulation on the Supervision and Administration of Securities Companies (2014);
Regulation on the Administration of Futures Trading (2017).
Description: China reserves the right to adopt or maintain any measure with respect to domestic entities or individuals purchasing financial services from foreign financial service supplier.
Unless otherwise stipulated by China Securities Regulatory Commission or other relevant authorities, domestic entities and individuals shall not engage in overseas future business and other derivatives business, and overseas entities and individuals shall not engage in domestic future business and other derivatives business.
Entry 2- Insurance Brokerage
Sector: Financial Services
Sub-Sector: Insurance Brokerage
Obligations Concerned: Cross-Border Trade (Article 9.5)
Level of Government: Central
Description: China reserves the right to adopt or maintain any measure with regard to overseas consumption of insurance brokerage.
Entry 3- New Financial Services
Sector: Financial Services
Sub-Sector: New Financial Services
Obligations Concerned: National Treatment (Article 9.2) Market Access for Financial Institutions (Article 9.4) Senior Management and Boards of Directors (Article 9.8) Most Favored Nation Treatment (Aticle 9.3) Cross-Border Trade (Article 9.5)
Level of Government: Central
Description: China reserves the right to adopt or maintain the following measures:
For foreign investors to provide new financial services in China, they may be subject to numerical limitations in pilot projects, or requirements on the form of service provider, or to be a member of relevant association or self-regulatory organization, in line with the laws and regulations in China.
Entry 4-Development-oriented Financial Services
Sector: Financial Services
Sub-Sector: All sub-sectors
Obligations Concerned: National Treatment (Article 9.2) Market Access for Financial Institutions (Article 9.4)
Level ofGovernment: Central
Measures: Notice of the State Council for the Establishment of the Export-Import Bank of China;
Notice of the State Council for the Establishment of the China Development Bank;
Notice of the State Council for the Establishment of Agricultural Development Bank of China;
Notice of the State Council for the Establishment of China Export & Credit Insurance Corporation.
Description: China reserves the right to adopt or maintain any measure to provide capital support, bond credit support and other preferential measures to policy financial institutions and development finance institutions (12); China reserves the right to adopt or maintain any measures with respect to restricting foreign investors and their investment from acquiring policy financial services.
Entry 5-Social Services and Small & Medium Sized Enterprises
Sector: Financial Services
Sub-Sector: All sub-sectors
Obligations Concerned: National Treatment (Article 9.2) Market Access for Financial Institutions (Article 9.4) Senior Management and Boards of Directors (Article 9.8) Cross-border Trade (Article 9.5)
Level of Government: Central
Description: China reserves the right to adopt or maintain any measure in the following areas: provision of social services established or maintained for public interests, including: income security or income insurance, social security, social welfare, social development, poverty reduction, public education, public training, health and child care; services to promote the development of China’s small and medium sized enterprises.
Entry 6- Financial Services
Sector: Financial Services
Sub-Sector: All sub-sectors
Obligations Concerned: Most-Favored-Nation Treatment (Article 9.3)
Level of Government: Central
Description:
1. China reserves the right to adopt or maintain any measure that accords differential treatment to the parties under any bilateral or multilateral international agreement in force or signed prior to the date of entry into force of this Agreement.
2. China reserves the right to adopt or maintain any measure that accords differential treatment to the parties under any bilateral or multinational agreement effected or signed after the date of entry into force of this Agreement.
3. China reserves the right to adopt or maintain any special arrangement or favorable treatment for any investor or financial institutions, as well as any investment thereof, and financial service supplier from (1) Hong Kong, China; (2) Macao, China; and (3) Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese Taipei).
Entry7-Financial Infrastructure & Stock Exchanges
Sector: Financial Services
Sub-Sector:
Obligations Concerned: National Treatment (Article 9.2) Market Access for Financial Institutions (Article 9.4) Senior Management and Boards of Directors (Article 9.8) Cross-border Trade (Article 9.5)
Level of Government: Central
Measures: Securities Law of the People's Republic of China (2019)； Futures and Derivative Law of the People's Republic of China (2022)；
Regulation on the Administration of Futures Trading. (2017); Measures for the Administration of Stock Exchanges (2021)；
Measures for the Administration of Futures Exchanges (2021)；
Measures for the Administration of Securities Registration and Clearing (2022)；
Notice of the General Office of the State Council on Regulating and Developing Regional Equity Markets (2017)；
Interim Measures for the Supervision and Administration of Regional Equity Markets (2017)；
Regulation on the Administration of Futures Trading(2017)；
Notice on Further Strengthening the Supervision of Physical Delivery of Commodity Futures (2008)；
Decision of the State Council on Straightening out and Rectifying Various Types of Trading Venues to Effectively Prevent Financial Risks (2011);
Implementation Opinions of the General Office of the State Council on Straightening out and Rectifying Various Types of Trading Venues (2012);
Announcement No. 31 [2015] of the People's Bank of China (2015)；
Announcement No. 40 [2015] of the People's Bank of China and the State Administration of Foreign Exchange (2015)；
Notice of the People's Bank of China, the Ministry of Public
Security, the State Administration for Industry and Commerce,
etc. on Strengthening the Management of Gold Exchange or Engaging in the Gold Trading Platform (2011)；
Interim Regulations on the Management of Inter-bank Foreign Exchange Market (1996)；
Measures for the Administration of Securities Investor Protection Fund (2016)；
Measures for the Administration of Bond Transactions in the National Inter-Bank Bond Market (2000);
Measures for the Supervision and Administration of China Trust Registration Co., Ltd. (2016)；
Administrative Measures for Securities and Futures Investment Made in China by Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investor (CSRC Order No. 176)
Description:
1. The establishment, modification and dissolution of a stock exchange, or any other national stock exchange place approved by the State Council shall be subject to the decision of the State Council.
2. The establishment of a futures exchange shall be subject to the examination and approval of the futures regulatory institution of the State Council. Without the approval of the State Council or the futures regulatory authority of the State Council, no entity or individual may establish any futures trading place or organize futures trading and relevant activities in any form.
3. Foreign companies or individuals may not become ordinary members of the stock exchange. Foreign companies or individuals may not become members of the Futures Exchange. Except as otherwise stipulated by the state, foreign companies or individuals may not apply to open a securities account or a futures account.
4. The number of regional equity market operator established in each province, autonomous region, municipality directly under the Central Government or city under separate state planning is no more than one. A regional equity market shall not provide the services of funding by or negotiation of private placement bonds or equities for enterprises from outside the provincial-level administrative region where it is located.
5. The establishment of securities registration and clearing institutions shall be subject to the approval of the China securities regulatory authority. The registration and clearing of securities traded on stock exchanges and other national stock trading places approved by the State Council shall adopt a centralized and unified operation mode nationwide.
6. Overseas futures exchanges and other overseas institutions are not allowed to designate or set up commodity futures delivery warehouses in China and engage in other activities related to commodity futures delivery business.