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China Insights

SwedCham China Insights for the week of March 28 – April 1, 2022

Top news of the week:

  • China's top banking and insurance regulator issues 21 fines
    March 28, 2022

    China’s top banking and insurance regulator on 25 March issued 21 fines for the “violations of data quality and data reporting in the Examination & Analysis System Technology (EAST) system”, with China Construction Bank fined RMB4.7 million for 17 violations.

  • CSRC supports more US listings
    March 29, 2022

    By providing the green light to a digital industrial product services platform’s listing in the United States, Beijing made efforts to keep the channel of overseas listings open. A new set of rules concerning overseas listings is expected to facilitate more offshore IPOs in a rule-based manner. China released a set of draft rules in December that require local companies seeking overseas floats to register with the domestic securities regulator in a bid to help local firms enter global capital markets in a well-regulated manner.

  • China promotes more existing projects to issue infrastructure real estate investment trusts
    March 30, 2022

    On March 28, the General Office of the National Development and Reform Commission (NDRC) issued a notice on coordinating social capital investment and financing cooperation. Priority will be given to supporting existing projects with sustainable profitability to carry out public-private partnerships (PPP). In addition, the authorities will effectively prevent new hidden debts of local governments.

  • People's Bank of China: Enhancing the implementation of prudent monetary policy
    March 31, 2022

    The 96th regular meeting of People’s Bank of China (PBOC)’s monetary policy committee for the first quarter of 2022 was held in Beijing recently. PBOC said it will enhance the implementation of prudent monetary policy, deepening the structural reform on the supply side of finance, guide large banks to shift service focus to the lower-tier market, promote small and medium-sized banks to focus on their main responsibilities and businesses, and support banks to replenish capital.

  • China saw over 100,000 confirmed COVID-19 cases in March
    April 1, 2022

    On April 1, National Health Commission (NHC) held a press conference to report China’s COVID-19 outbreak in March. In this month alone, in total 103,965 confirmed, domestic positive cases were reported in 29 provincial regions, with Jilin province and Shanghai city being the most severely impacted areas. NHC stated that the outbreaks in Jilin and Shanghai are not yet reaching the peak and will continue to see increase in positive cases.

Insight of the week:

In March 2022, China had saw unprecedented surge of positive COVID-19 cases ever since the beginning of COVID-19 pandemic in 2020. The number of positive cases had increased over 100,000 in a single month, making the total confirmed cases doubled shortly compared to the relatively mild increase between March 2020 and February 2022. Health authorities claim the most prevalent virus variant in China now is Omicron, resulting most patients asymptomatic or with mild symptoms. The Chinese authority reaffirmed that the “dynamic zero cases” will continue to be the general strategy for disease prevention and control. On top of the current strategy, China had rapidly approved Pfizer’s Paxlovid to be imported while approving medical insurance to cover for the medicine. In addition, Chinese government also granted manufacturing and selling of COVID-19 antigen testing products for the first time in the past two years. For now there are no sign that China will abandon its strict “dynamic zero cases” policy, but some analysts believe there is tendency for higher tolerance level for the state as the number of positive cases continues to rise.

About Kreab

Founded in Stockholm, Sweden, in 1970, Kreab is a global strategic communications consultancy with offices in 25 countries, serving over 500 global clients. Kreab advises on communication issues of strategic importance in business, finance, and politics, helping clients solve complex communications challenges and achieve their strategic goals. The Kreab Beijing team is well known for its track record of helping clients manage and strengthen their reputation through services spanning corporate communications, financial communications, public affairs, and social media. Contact Kreab at kchina@kreab.com, follow Kreab on WeChat (ID: KreabChina), or visit Kreab’s website at https://www.kreab.com/beijing.