China Banking and Insurance Regulatory Commission: Starting from March 1, reduce the qualification requirements for Hong Kong and Macau financial institutions to invest in domestic insurance companies.

16:11 26/02/2025

On February 26, the China Banking and Insurance Regulatory Commission issued a notice, adjusting the qualifications required for Hong Kong and Macau financial institutions to invest in domestic insurance companies.

On February 26, the China Banking and Insurance Regulatory Commission issued a notice adjusting the qualifications for Hong Kong and Macao financial institutions investing in domestic insurance companies. Starting from March 1, 2025, Hong Kong and Macao financial institutions investing in insurance companies will no longer be required to have "total assets not less than two billion US dollars at the end of the most recent year". The original text is as follows: Notice from the China Banking and Insurance Regulatory Commission on Matters Concerning Hong Kong and Macao Financial Institutions Investing in Insurance Companies. All financial regulatory authorities, insurance groups (holding) companies, insurance companies, and insurance asset management companies: In October 2024, Mainland China separately signed "Agreement II on Amending the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Service Trade Agreement" and "Agreement II on Amending the Mainland and Macao Closer Economic Partnership Arrangement (CEPA) Service Trade Agreement" with Hong Kong and Macao, respectively, making adjustments to the qualifications for Hong Kong and Macao financial institutions investing in domestic insurance companies. In accordance with Article 4 of the Foreign Investment Law of the People's Republic of China and Article 48 of the Implementation Regulations of the Foreign Investment Law of the People's Republic of China, the relevant matters are notified as follows: Starting from March 1, 2025, Hong Kong and Macao financial institutions investing in insurance companies will no longer be required to have "total assets not less than two billion US dollars at the end of the most recent year". This article is adapted from the official website of the China Banking and Insurance Regulatory Commission, edited by GMTEight: Jiang Yuanhua.

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The Federal Reserve's Daly warns of vulnerability in the labor market, says it may be necessary to cut interest rates one to two more times this year.

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