Counsel in China have high hopes for the proposed overhaul
of the country’s credit assessment system, but
stress that a host of other regulatory issues need to be ironed
out, particularly surrounding wealth management.
The People’s Bank of China (PBOC) announced on
December 29 that it would launch a new macro-prudential
assessment system (MPA) this year as China's government further
deregulates its banking sector.
But some believe the new regime should also close a slew of
regulatory loopholes. "For commercial banks, PBOC and China
Banking Regulatory Commission (CBRC) should issue rules to
regulate the wealth management services provided by commercial
Tiecheng Yang, partner at Clifford Chance in Beijing.
"I think one of the...